The virtual currency, which originally started as an internet parody more than seven years ago, has risen more than 85% in the last 24 hours and is trading at $ 0.13, according to CoinDesk. Her market capitalization is now more than $ 17 billion.
The latest rise comes as investors prepare for the direct listing of cryptocurrency exchange Coinbase Global, which could further help validate cryptocurrency buying and selling as a business. Bitcoin too ahead of that list shot to a new high of over $ 62,700 this week, and other cryptocurrencies have also made big gains.
But Dogecoin’s rise is remarkable. The currency is up more than 2,000% from the start of the year and has a big fan in Tesla CEO Elon Musk, whose tweets about it have occasionally boosted Dogecoin’s value.
Dogecoin has also enjoyed somewhat of cult status on Reddit, where a popular group – not unlike the WallStreetBets group behind the GameStop rally – decided earlier this year to propel its value “to the moon.” Dogecoin surged more than 600% in the wake of that push.
Musk is Dogecoin’s richest fan, but he was previously critical of the more established bitcoin, once called it “BS” in a tweet. In a February interview on Clubhouse social app, however, Musk said he should have bought that digital currency eight years ago. His company Tesla has also promised customers that they can buy their car with bitcoin.
Coinbase, meanwhile, it is set for its debut Wednesday. Company is profitable and has reported strong sales growth.
Based on recent private equity trading for Coinbase, the company is valued at a staggering level of nearly $ 68 billion. To put that in context, it is slightly 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.