Dogecoin jumped close to 50% to a full-time high near $ 0.60 on Tuesday after trading platforms eToro and Gemini added the meme cryptocurrency and opened it up to tens of thousands of users.
The digital asset of the Shiba Inu theme was also boosted by a break in Major League Baseball, with Oakland Athletics accepting dogecoin as payment for tickets.
Dogecoin increased by 48.1
Meme cryptocurrency, which started as a joke in 2013, has increased by more than 23,000% over the last year and by 950% over the last 30 days. Its market value stood at more than $ 76 billion on Tuesday.
Dogecoin has been driving a cryptocurrency wave that analysts say has been driven by huge amounts of stimulus from governments and central banks during the COVID-19 crisis.
Celebrity endorsements have also been central to the rise in dogecoin. In particular, regular tweets from Tesla CEO Elon Musk have helped support the asset.
But eToro’s decision to add dogecoin trading to its platform triggered the latest leg higher. The brokerage firm looks set to expand its offerings as it prepares to be announced through a specialty acquisition company in a $ 10.4 billion deal.
eToro said it had added dogecoin due to strong customer demand as millennial and Gen Z investors warmed up to the reverent cryptocurrency contrary to common economic opinion. The exchange said its 20 million global registered users would now be able to invest in the token.
Crypto Exchange Gemini announced later on Tuesday that it would follow suit. “Deposits are now open to DOGE. Trading in DOGE will open soon,” the company said in a statement.
Read more: Ex-Ark analyst James Wang breaks down his bullfight for Ethereum as its token breaks a top $ 3,300 level – explaining why it could eventually reach $ 40,000
Optimism about dogecoin also grew after Oakland’s MLB team said it had begun accepting dogecoin as payment. Oakland A president Dave Kaval said on Twitter that the team had already processed dogecoin transactions, which he said were the first in MLB history.
eToro sang dogecoin’s praise in a statement Monday, describing it as “one of the fastest blockchain networks to implement thanks to its one-minute block minutes.”
However, many analysts have asked potential investors to be very careful with dogecoin and other so-called altcoins, claiming that their lack of utility cases and wild volatility make them very risky investments.