Dogecoin prices are making a fresh run, pushing the popular crypto to an all-time high above 50 cents, as enthusiasm for the hottest digital asset on the planet refuses to abate.
At last check, dogecoin prices
were at 54 cents, up 37%, driving the virtual currency to a market value at around $70 billion, according to CoinDesk and CoinMarketCap.com.
Dogecoin has soared a mind-numbing 10,694% in the first five months of the year alone.
Put another way, $1,000 Invested in dogecoin at the start of the year would be worth nearly $100,000, based on MarketWatchâ????s calculation of a starting price of 0.005405 cent for dogecoin at the start of 2021 and its current trading price.
Dogeâ????sÂ rally got started on the backÂ of a series of bullish, if sometimesÂ cryptic, tweetsÂ from Tesla Inc.Â TSLA,Â -1.31% and SpaceX Chief Executive Elon Musk.
Musk will host â????Saturday Night Liveâ???? this weekend, which has already drawn cheers and jeers for the technologist. However, dogecoin may be drawing some support from one of the biggest boosters of the asset that competes with bitcoin and other digital assets.
Perhaps adding some support to dogecoinâ????s rally, crypto exchange Gemini announced trading and custody support for the coin. Trading platform eToro also made dogecoin available for trading on its platform.
Two weeks ago, fans of dogecoin, which was created as a parody coin in 2013, aimed to push the value of the surging crypto to $1 on April 20, which came to be known as â????Doge day.â???? And though that drive ended up petering out, investors in the crypto have remained enthusiastic about its prospects.
That is despite criticisms that dogecoin, pronounced â????dÅ??j-coin,â???? has limited utility compared with other decentralized cryptographic assets, including bitcoin.
CoinDesk data show dogecoin briefly hitting a 24-hour high at around 58 cents,Â minting a number of millionaires on paper. By comparison, gold futures
Â are down 5% so far this year, the Dow Jones Industrial Average
Â and the S&P 500 index
Â are both up over 10% in 2021, while the Nasdaq Composite Index
Â is up 6%.
NIO stock closed higher for a seventh consecutive session on Monday, even without developments that would significantly affect earnings.
Mark DeCambre is MarketWatch’s markets editor. He is based in New York. Follow him on Twitter @mdecambre.
– Dogecoin price breaches 50 cents ahead of Elon Musk's 'Saturday Night Live' guest-host gig
– Much wow: Dogecoin jumps 26% to record high after eToro exchange adds the token for its 20 million users
– DogeCoin tops 50 cents: Why that excites the internet
– Dogecoin hits record highs as the cryptocurrency begins trading on eToro
– Robinhood crypto trading outage strikes as Dogecoin spikes
– Bitcoin warning: Elon Musk's Dogecoin 'control' will 'not be tolerated' as DOGE surges
– Dogecoin's chances of hitting $5 in 2021 near 20% as price hits record high
– Can Dogecoin become a useful currency?
– Over 4million low income households can get half price BT broadband and save up to £336 a year
– Much wow: Dogecoin rockets 48% to record high after eToro exchange adds the token for its 20 million users