Virtual currency, which originally started as a parody on the Internet more than seven years ago, has grown by more than 85% in the last 24 hours, and trades at $ 0.13, according to CoinDesk. It is the market capitalization is now over $ 17 billion.
The latest growth comes as investors prepare for the direct listing of the Coinbase Global cryptocurrency exchange, which could help further validate the buying and selling of cryptocurrencies as a business. Bitcoin, too it hit a new record of $ 62,700 this week before this listing, and other cryptocurrencies also enjoyed big gains.
But Dogecoin’s rise is noteworthy. The currency has grown by more than 2,000% since the beginning of the year and has a big fan in Tesla CEO Elon Musk, whose tweets about it have occasionally increased the value of Dogecoin.
Dogecoin also enjoyed a cult status on Reddit, where a popular group – unlike the WallStreetBets behind the GameStop rally – decided earlier this year to propel its value “to the moon”. Dogecoin increased by over 600% following that push.
Musk is the richest fan of Dogecoin, but he has previously criticized the more established bitcoin once called “BS” a tweet. One The February interview on the Clubhouse social app, however, Musk said he should have bought it that digital currency eight years ago. His company Tesla also promised customers that they can buy their cars with bitcoin.
Coinbase, meanwhile, it is set to debut on Wednesday. Company it is profitable and has reported strong revenue growth.
Based on recent private equity transactions for Coinbase, the company is valued at a staggering $ 68 billion. To put this in context, it is little more than the market value of the owner of the New York Stock Exchange. Intercontinental exchange (ICE).
– Paul R. La Monica and Charles Riley contributed to this report.