Bitcoin and Ethereum aren't the sole digital currencies that are hitting record highs in the week . Dogecoin, the cryptocurrency that features the face of a Shiba Inu dog as its logo, has surpassed 10 cents for the primary time.
The virtual currency, which originally started as an online parody quite seven years ago, has surged quite 85% within the last 24 hours and is trading at $0.13, consistent with CoinDesk. Its market cap is now over $17 billion.
The latest surge comes as investors fix for the direct listing of cryptocurrency exchange Coinbase Global, which could further help validate crypto buying and selling as a business. Bitcoin also rocketed to a replacement record above $62,700 in the week before that listing, and other cryptocurrencies have also enjoyed big gains.
But Dogecoin's rise is noteworthy. The currency has soared quite 2,000% from the beginning of the year, and features a big fan in Tesla CEO Elon Musk, whose tweets about it wear occasion driven up Dogecoin's value.
Dogecoin has also enjoyed something of a cult status on Reddit, where a well-liked group — not unlike the WallStreetBets group behind GameStop's rally — decided earlier this year to propel its value "to the moon." Dogecoin soared over 600% within the wake of that push.
Musk is Dogecoin's richest fan, but he has previously been critical of the skilled bitcoin, once calling it "BS" during a tweet. during a February interview on social app Clubhouse, though, Musk said he should have bought that digital currency eight years ago. His company Tesla has also promised customers that they will buy their cars with bitcoin.
Coinbase, meanwhile, is about for its debut Wednesday. the corporate is profitable and has reported strong revenue growth.
Based on recent private stock trades for Coinbase, the corporate is valued at a shocking level of nearly $68 billion. to place that into context, it is a bit quite the market price of latest York stock market owner Intercontinental Exchange (ICE).
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