Dogecoin has hit a new all-time high as the crypto jumped nearly 50% on Tuesday after trading platform eToro added the meme cryptocurrency to its platform with about 20 million users.
The brokerage is looking to expand its offerings as it prepares to go public via a special-purpose acquisition company in a $10.4 billion deal.
Dogecoin was up over 49.8% at a record high of $0.59409, on the Investing.com Index.
It is however trading at $0.571205 at the time of this report.
Dogecoin is not the only popular crypto to hit a new record today. Ethereum also soared to its all-time high of $3,56.34 on Tuesday, before retreating to $3,418.71 at the time of this report.
eToro said the addition is due to strong customer demand. The exchange said its 20 million global registered users will now be able to invest in the token.
The meme cryptocurrency, which was started as a joke in 2013, now has over $76 billion in market capitalization. It has risen more than 23,000% over the last year and 950% over the last 30 days.
Tesla’s chief executive Elon Musk has helped support the rise of Dogecoin through his endorsement over series of tweets.
Optimism around dogecoin also grew after the Oakland Athletics Major League Baseball team said it had started accepting dogecoin as payment for tickets becoming the first in history according to its president Dave Kaval.
eToro on Monday said that Dogecoin is “one of the fastest blockchain networks to transact on, thanks to its one-minute block intervals.”
However, investors have been warned by many analysts to be careful with dogecoin and other altcoins, arguing their lack of use cases and wild volatility make them highly risky investments.
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.