Dogecoin Hits New All-Time High After eToro Listing
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.
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, DOGE’s 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.