Dogecoin Hits New All-Time High After eToro, Gemini Listings

Dogecoin 3 2 2021 LearnCrypto Powered By Wyckoff SMI 2024

Multi-asset brokerage eToro announced support for the cryptocurrency Monday.

Dogecoin (DOGE (+27.31%)) tapped fresh lifetime highs on Tuesday in the wake of two new exchange listings.

The Shiba Inu dog-branded cryptocurrency rose to $0.577 during European trading hours, topping the previous record price of $0.47 registered on April 16, according to CoinDesk data. Year to date, DOGE is up 11,000%.

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. Then, Tuesday morning, Gemini announced it, too, will support the meme-based crypto, adding fuel to DOGE’s upward trajectory.

Additional buying pressure may have stemmed from the Oakland Athletics baseball team’s decision to sell tickets for dogecoin. In an announcement on Monday, the California team said it was selling two-seat pods for 100 DOGE ($48.80 at the time of writing) for its three-match series against the Toronto Blue Jays.

Dogecoin daily chart source Messari LearnCrypto Powered By Wyckoff SMI 2024
Dogecoin daily chart
Source: Messari

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 (BTC, -5.81%) and ether (ETH, +5.56%) 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 a new record high above $3 million.

The project, which started as a joke in 2013, has gained mainstream acceptance this year with the likes of pro basketball 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, which often prompted price rises.

By: Omkar Godbole

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