Dogecoin, the meme-inspired cryptocurrency, saw its price hit a new high on Tuesday after the token was listed on retail trading platform eToro due to strong client demand.
In early afternoon trading in London, Dogecoin was trading at around US$0.509, up 29.4% in the last 24 hours, giving it a market cap of US$65.8bn, making it the world’s fifth most valuable crypto.
eToro announced its decision to add Dogecoin to its platform over the weekend in a move that will open trading in Dogecoin to around 20mln users on its platform.
Another boost for the crypto may have come from US baseball team Oakland Athletics, which overnight said it will begin selling match tickets in exchange for Dogecoin, the first Major League Baseball team to do so, for its upcoming three-match series against the Toronto Blue Jays.
Despite being initially created in 2013 as something of a joke at the expense of the crypto market, the boom in crypto markets at the start of 2021 as well as support from a number of high profile figures including Tesla Inc (NASDAQ:TSLA) boss Elon Musk has seen Dogecoin rocket in value this year.
On January 1, the crypto was changing hands at around US$0.005 each, meaning its current value marks an increase of around 9,900% in less than six months.