Dogecoin catapulted from $0.26 (£0.19) on April 28 to a record $0.60 (£0.43) by May 4. Within the last 24 hours, the price has risen by about 10 cents in a 22 percent increase at time of writing.
The latest price surge comes as popular exchange companies Gemini and eToro added the cryptocurrency to their roster and due to anticipation for Elon Musk’s Saturday Night Live appearance.
Last week, Elon Musk, who is one of the largest online proponents of the meme currency, spurred a price surge after announcing he would host the popular Saturday comedy show with a Tweet simply saying “The Dogefather”.
The multi-billionaire frequently writes social media posts showing his support for the cryptocurrency, claiming he does so because he “likes dogs and memes”.
On Tuesday, Gemini announced they would begin trading in Dogecoin saying: “Today, we are thrilled to announce trading and custody support for Dogecoin (DOGE), the funnest and friendliest crypto in the observable universe.Insurance Loans Mortgage Attorney Credit Lawyer
“Deposits are now open for DOGE. Trading for DOGE will open shortly.”
Dogecoin price surge (Image: Getty Images)
Elon Musk is a proponent of the meme currency (Image: Getty Images)
Gemini’s announcement came less than a day after one of their competitors, eToro, announced they too were adding the cryptocurrency to their trading app.
CEO and co-founder of Gemini, Tyler Winklevoss, said: “Dogecoin is no joke.
“Dogecoin is the people’s money. It’s organic, irreverent, and fun. It’s not forced on us by a government or some other central authority, it’s chosen by us, for us – by the people, for the people.
“Dogecoin continues bitcoin’s tradition of giving the control of money back to the people.”
The popular bitcoin which started as a joke in 2013 is based on a