The price of Dogecoin has clocked a new all-time high after news that Israeli multi-asset brokerage firm eToro has added DOGE to the list of tokens it offers retail investors via its trading platform.
Announced on Monday, the move marks eToro’s endorsement of the blossoming Shiba inu-represented cryptocurrency and will open it up to over 20 million eToro users across the globe.
DOGE Leads The Charts
Dogecoin surged 26% to eclipse $0.4875 on Tuesday after shattering the previous record price of $0.47 printed on April 16. At a market capitalization of $62.80 billion, DOGE is now the fifth-largest cryptocurrency after overtaking Tether’s USDT. Moreover, DOGE’s rally has helped it surpass famed institutions such as Ford Motor Company, BMW, Twitter, Spotify, and others in terms of total market capitalization, according to data from AssetDash.
DOGEUSD Chart By TradingView
The sudden remarkable run comes less than 24 hours after eToro integration. The crypto-friendly exchange platform cited strong customer demand as the primary reason for Dogecoin’s listing.
$DOGE is here!
— eToro (@eToro) May 3, 2021
Here's what you need to knowhttps://t.co/GJWYpH98VM
Not investment advice
Notably, the meme cryptocurrency has rallied while other cryptocurrencies take a back seat. Bitcoin, for instance, is down 4.65% on the day. Ripple’s XRP cryptocurrency has also shed 7.54% of its value over the last 24 hours.
This year so far, DOGE has advanced by a staggering 9,000%, outshining its peers like bitcoin (BTC) and ethereum (ETH) by a huge margin. The strong bounce from a 37% mid-April dip suggests that the market is confident in Dogecoin’s mid-term growth.
More Gains On The Horizon
Originally started as a joke in 2013, Dogecoin has since gained mass adoption as Dallas Mavericks, Newegg, Air Baltic, EasyDNS, among others accept the coin as a payment alternative. Tesla and SpaceX CEO also frequently tweets about DOGE, often pumping its price. To put it differently, whenever Musk mentions DOGE, — even just a single word — investors flock to the asset and its price soars in response.
On April 20, Dogecoin enthusiasts aimed to push the price of the coin to $1 on the day they called “Doge Day”. Although the cryptocurrency’s price did not budge, DOGE fans might still get their day on May 8 as its biggest promoter and the world’s second-richest person teased an inclusion in a looming highly publicized appearance.
Notably, Musk will be participating in a comedy skit dubbed “The Dogefather” during his appearance this week on NBC’s Saturday Night Live (SNL). If his skit is funny and bullish enough, DOGE holders speculate that the coin’s price will swell triumphantly.
