DogeCoin hit 60 cents: What’s behind the newest surge

To the moon.

DogeCoin began as a parody of cryptocurrencies, however Tuesday’s rise in value is not any joke. The altcoin hit a document 60 cents on Tuesday, flying previous its earlier excessive of 43 cents, although it is now stabalized round 55 cents. Even when DogeCoin was solely briefly over 60 cents, it is nonetheless a brand new milestone in DogeCoin’s miraculous 2021. Again in January, when every token was price round 1 cent, Doge devotees had goals of the coin hitting 10 cents in worth. 

The worth of DogeCoin began ticking up over the weekend. Tesla CEO Elon Musk is Doge’s highest-profile supporter, and his tweets associated to the cryptocurrency are inclined to result in a leap in its worth. Musk posted a tweet final week that referenced The Dogefather and his upcoming internet hosting gig on Saturday Night time Stay Could 8. 

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Moreover, buying and selling platforms eToro and Gemini listed the memecoin, drastically increasing its attain. eToro alone has 20 million customers, who can now simply purchase DogeCoin by means of its platform. The spike in DogeCoin buying and selling appears to have precipitated points for the Robinhood investing app, which stated it was experiencing points with cryptocurrency buying and selling, doubtless as a result of demand. 

Replace: Crypto buying and selling is now totally restored. We all know some prospects might have skilled intermittent points earlier. We’ll proceed to watch the state of affairs intently and we’re sorry in case you had been impacted. Please contact us in case you have excellent points. https://t.co/adhugIHVGR

— Robinhood Assist (@AskRobinhood) Could 4, 2021

For those who’re aware of cryptocurrency, you already know Bitcoin and perhaps Ethereum. These are the 2 greatest cryptocurrencies, however beneath them is a whole market of smaller ones referred to as “altcoins” — or, typically, “shitcoins.” These are just like the penny shares of the cryptocurrency world. Many purpose or declare to have utility, or enhance aspects of the Ethereum blockchain, upon which most altcoins are constructed. Others are “memecoins,” which rise and fall in reputation just because they’re sort of humorous. 

Created in 2013, DogeCoin was the primary such memecoin. There are numerous others, and so they’re preposterous. One merely referred to as Meme launched in August at $1 and now trades at over $2,000. 

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