Dogecoin Reached More Than 50 Cents for the First Time

The value of dogecoin jumped to an all time high of over 50 cents on May 4, as online traders continue efforts to push the price of dogecoin towards $1. It managed to surpass 50 cents a coin after falling slightly from a previous record price of 47 cents back in mid-April. In 2013, Billy Markus and Jackson Palmer launched dogecoin as a joke. What was a joke in 2013, is now the fourth most valuable cryptocurrency by market cap.

Its latest boost comes after the trading platform eToro’s announcement. The trading platform announced that it would add support for the cryptocurrency following strong demand. By listing dogecoin eToro is opening up to millions of users around the world. Its decision could help to boost the price of dogecoin.

On Tuesday, ethereum which is the second most valuable cryptocurrency by market cap also reached an all time high. Its price surpassed the $3,500 mark. Several months ago, it was trading at just under $740.

eToro is not alone, as the cryptocurrency exchange Gemini announced that it too would support the cryptocurrency. More than 13 million customers will be able to purchase it. Gemini as well as eToro made important decisions, but if Coinbase finally decides to support the emerging cryptocurrency its 56 million users could help push the coin’s price to $1.

Dogecoin and various companies

In addition to Gemini and eToro, more businesses started to accept dogecoin for payments. The medical supplier CovCare is one of them. The NBA team the Dallas Mavericks also embraced it. The pro baseball team the Oakland Athletics also made an important announcement. It decided to sell two-seat pods for 100 DOGE for its upcoming three-match series against the Toronto Blue Jays.

A cryptocurrency originally invented as a joke continues to defy expectations within the crypto market. All cryptocurrencies are volatile in nature, and dogecoin is not an exception. Nonetheless, it has been subject to a greater deal of volatility than more mainstream tokens, including bitcoin and ethereum, buoyed on by its dual identity as a meme.

Celebrities like Elon Musk and Mark Cuban helped to boost its price. Cuban sees it as an alternative to bitcoin for payment transactions. It appeals more to the general public thanks to its price. In the case of bitcoin, its price may be intimidating to some.