This week many have heard that digital currencies, Bitcoin, and Ethereum are not the only ones that hat hit the record high. This week, the cryptocurrency that has the Shiba Inu dog face as its logo, the Dogecoin, exceeded 10 cents for their first time.
This virtual currency started as an internet joke seven years ago. According to CoinDesk, Dogecoin has risen more than 85% in the last 24 hours and is now trading at $0.13. It now has over $17 billion in its market cap.
Currently, the most advanced surge is coming from investors that are getting ready for the direct listing of cryptocurrency trade Coinbase Global. This could help in the future to verify crypt buying and selling it as a business.
Another cryptocurrency to hit a new record of more than $62,700 this week before the listing is, Bitcoin and many cryptocurrencies are also enjoying the gains they are getting.
However, the rise of Dogecoin has been exceptional. From the start of the year, it has risen more than 2,000%. Furthermore, it has a fan of the CEO of Tesla, Elon Musk. Musk has tweeted about Dogecoin on various occasions, which helped to drive the value of Dogecoin.
Furthermore, Dogecoin enjoyed the cult status they got on Reddit. On Reddit, a popular group, unlike WallStreetBets group, the ones behind GameStop’s rally, at the starting of this year, decided to launch its value ‘to the moon.’ This push helped Dogecoin soar more than $600.
The richest fan of Dogecoin is Elon Musk. However, before has been more critical when it came to bitcoin and even called it BS in his tweet.
On a social app, the Clubhouse, in February, Musk said that eight years ago, he should have brought the digital currency. However, he does promise his customers that they will be able to buy their cars with bitcoin in the future.
A company to debut on Wednesday is Coinbase. The company has gotten said to be profitable and it got reported that it will have a stronger growth of revenue.
Based on a current private stock trades regarding Coinbase, the company will be at a stunning value of around $68 billion. To understand it in simpler terms, the value of Coinbase is a bit more than the value of Intercontinental Exchange, the owners of the New York Stock Exchange.