Dogecoin Hits New All-Time High After eToro Listing

Tuesday 04 May 2021, 7:20 PM AEST - 1 week ago

Dogecoin is symbolized by the Shiba Inu breed. Sometimes that DOGE just won't behave.

Dogecoin (DOGE) tapped fresh lifetime highs on Tuesday in the wake of a new exchange listing.

The Shiba Inu dog-branded cryptocurrency rose to $0.4876 during the European trading hours, topping the previous record price of $0.47 registered on April 16, according to CoinDesk data.

The latest leg higher comes a day after multi-asset brokerage platform eToro announced support for the cryptocurrency, citing strong client demand. The new listing opens dogecoin to some 20 million users spread across the globe.

Dogecoin daily chartSource: Tradingview

The quick recovery from a 40% April 23 flash crash shows a strong buy the dip mentality in the market. The cryptocurrency has rallied more than 9,000% this year, outperforming the likes of bitcoin and ethereum by a large margin.

With the staggering rally, DOGEs market capitalization has surged to over $59 billion, according to Messari, making it the fourth-largest cryptocurrency in the world. Daily miner revenues recently rose to new record highs above $3 million.

The project, which started as a joke in 2013, has gained mainstream acceptance this year with the likes of NBA team Dallas Mavericks, medical supplier CovCare and several others adding support for dogecoin as a payments alternative. Tesla CEO Elon Musk has also been prone to tweeting about the coin, often prompting price rises as a result.

Read full story on CoinDesk

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