Dogecoin jumped nearly 50 percent to an all-time high, near $ 0.60 on Tuesday, after trading platforms eToro and Gemini added the cryptocurrency meme. It is open to tens of millions of users.
Shiba Inu-themed digital content was fueled by their break into Major League Baseball, with Oakland Athletics accepting dogecoin as a ticket.
Dogecoin was up 48.1percent as of 10:20 a.m. ET, hitting an all-time high of $ 0.59082, according to CoinGecko.
The cryptocurrency meme, which started as a joke in 2013, has surged more than 23,000% over the past year and is up 950% over the past 30 days.Its market cap was more than $ 76 billion on Tuesday.
Dogecoin has shaken off a cryptocurrency wave that analysts say was driven by massive stimulus from governments and central banks during the COVID-19 crisis.
Celebrity endorsements are also central to the dogecoin rise, especially regular tweets from Tesla CEO Elon Musk have helped support the asset.
But eToro’s decision to add dogecoin trading to its platform raised the latest leg. The brokerage is looking to expand the service as it prepares to go public through a special acquisition company in a $ 10.4 billion deal.
eToro said it has added dogecoin due to strong customer demand, with Millennial and Gen Z investors warming up against the irreverent digital currency in opposition to mainstream financial opinion. The exchange said 20 million registered users around the world could already invest in the token.
The crypto exchange Gemini later announced Tuesday that it would take appropriate action. “The deposit is now open for DOGE. DOGE trading will open shortly,” the company said in a statement.
Read more: Ex-Ark analyst James Wang breaks up his bull case for Ethereum as its token breaches the all-time high of $ 3,300 and explains why it could eventually reach $ 40,000.
Optimism about dogecoin has also risen after Oakland’s MLB team said it had begun accepting dogecoin as a payment.Oakland A President Dave Kaval said on Twitter the team had already completed the dogecoin transaction, which he said was. First time in MLB history
eToro sang the praises of dogecoin in a statement on Monday, describing it as “One of the fastest blockchain networks to transact with a one minute block time”
But many analysts have told potential investors to be wary of dogecoin and other so-called altcoins, arguing that the lack of use-cases and extreme volatility puts investments at high risk.