Dogecoin value rose over 38% on Wednesday, reaching a record high of $0.69 within 24 hours.
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The surge came after eToro, an online trading platform, said this week that it will offer the cryptocurrency to its users. The announcement helped raise Dogecoin’s market cap to above $50 billion, according to The Independent. Over 20 million eToro users worldwide can now use the platform to invest and trade Dogecoin.
In an email to users obtained by The Independent, eToro said that it is adding Dogecoin to its platform to further expand its crypto services. “Beneath the branding, [Dogecoin] is based on solid technical foundations, utilizing a proof-of-work mechanism,” the email read.
The surge also comes as Gemini also announced on Tuesday that it is supporting Dogecoin on its crypto exchange platform. The meme cryptocurrency has risen by about 14,180% so far in 2021, according to MarketWatch.
Some trading platforms such as Coinbase, however, have been hesitant to support Dogecoin due to its volatility, as experts said that the possibility of incurring massive gains comes with a risk of huge losses, The Independent notes.
“It is a low-cost, high-risk investment with the potential for massive returns – which can’t be found elsewhere at the moment. Even high-risk junk bonds have virtually no returns now,” Carol Alexander, a crypto academic professor at the University of Sussex Business School, told the publication.
“It is Dogecoin’s price relative to Bitcoin that makes it so remarkable right now,” she added.
According to MarketWatch, Edward Moya, a senior market analyst at OANDA, said that Dogecoin is also surging because many crypto traders “do not want to miss out on any buzz that stems from Elon Musk’s hosting of ‘Saturday Night Live.’”
Amid recent, intense interest in the cryptocurrency, the Oakland Athletics said on Twitter on Monday that it would sell “two-seat pods in the Plaza Infield for 100 Dogecoin” for all four games in its series against the Toronto Blue Jays. The eventual sale of one of those pods was “the first [Dogecoin] transaction in MLB history,” team president Dave Kaval announced on Twitter that same day.
As of this writing, Dogecoin is around $0.60.