The price of Dogecoin has surpassed 10 cents, reaching an all-time high.
This week, Bitcoin and Ethereum aren’t the only digital currencies that have set new peaks. Dogecoin, the cryptocurrency with a Shiba Inu dog’s mask as its name, has reached 10 cents for the first time.
According to CoinDesk, the virtual currency, which began as an internet joke more than seven years ago, has risen more than 85 percent in the last 24 hours and is now trading at $0.13. It currently has a market capitalization of more than $17 billion.
The new spike comes as investors prepare for Coinbase Global’s direct listing, which could help to legitimize cryptocurrency buying and selling as a business. Ahead of the listing, Bitcoin jumped to a new high of $62,700, while other cryptocurrencies have also seen significant increases.
The growth of Dogecoin, on the other hand, is remarkable. The currency has risen more than 2,000 percent since the beginning of the year, and it has a passionate supporter, it’s Tesla’s CEO Elon Musk, whose tweets about it have boosted Dogecoin’s popularity on occasion.
Dogecoin has also gained cult status on Reddit, where a prominent group, similar to the WallStreetBets group behind GameStop’s rally, wanted to push its popularity “to the moon” earlier this year. Following the drive, Dogecoin saw a 600% increase in value.
Musk is Dogecoin’s wealthiest supporter, but he has previously been critical of bitcoin, calling it “BS” in a tweet. Musk, though, said in a February interview on the social app Clubhouse that he should have purchased the digital currency eight years ago. Tesla has also assured drivers that they will be able to purchase cars with bitcoin.
Meanwhile, Coinbase is due to launch on Wednesday. The business is stable and has seen rapid sales growth.
Coinbase has a market capitalization of about $68 billion, according to new private stock transactions. To put that in perspective, it’s a little higher than the market cap of Intercontinental Exchange, which owns the New York Stock Exchange (ICE).