Dogecoin prices are gaining momentum, pushing the popular cryptocurrency to an all-time high above 50 cents as enthusiasm for the most popular digital asset on the planet continues unabated.
Last check, dogecoin prices on DOGEUSD,
according to CoinDesk and CoinMarketCap.com, it was 54 cents, up 37%, bringing the virtual currency to a market value of around $ 70 billion.
Dogecoin has skyrocketed 10,694% in the first five months of the year alone.
In other words, $ 1,000 invested in dogecoin at the beginning of the year will be worth almost $ 100,000, based on MarketWatch’s calculation of an initial price of 0.005405 cents per dogecoin in early 2021 and its current trading price.
The Doge Rally began against the backdrop of a series of bullish, if sometimes even cryptic, tweets from Tesla Inc. TSLA, -1.31%, and SpaceX CEO Elon Musk.
Musk will be hosting Saturday Night Live this weekend, which has already caused a lot of applause and derision from the technologists. However, dogecoin may receive some support from one of the largest asset activists, which competes with Bitcoin and other digital assets.
Perhaps adding some support for the Dogecoin rally, the Gemini crypto exchange announced support for trading and holding the coin. The eToro trading platform has also made dogecoin available for trading on its platform.
Two weeks ago, fans of dogecoin, created as a spoof coin in 2013, sought to raise the value of the burgeoning cryptocurrency to $ 1 on April 20, which became known as “Doge Day.” And while that drive eventually faded, cryptocurrency investors are still enthusiastic about its prospects.
This is despite criticism that dogecoin, pronounced “dōj-coin”, has limited utility compared to other decentralized crypto assets, including bitcoin.
CoinDesk data shows that dogecoin briefly hit a 24-hour high of around 58 cents, minting the number of millionaires on paper. For comparison, the GC00 gold futures,
down 5% this year, the Dow Jones Industrial Average DJIA,
and the S&P 500 SPX index,
both rose more than 10% in 2021, while the Nasdaq Composite Index COMP.
grew by 6%.