Meme cryptocurrency Dogecoin spiked as high as 34% on Tuesday after record rallies in the crypto sector and now has a market capitalization of over $11 billion.
Dogecoin was created largely as a joke based on the “doge” meme but has risen 1,950% this year in tandem with much of the crypto space. Some of this has come from support lent by billionaire Elon Musk and rap artist Snoop Dogg.
Other cryptocurrencies broke records during Tuesday’s trading cycle, with Bitcoin reaching the $63,000 milestone. Ether also hit record highs to $2,200 in value, and Ripple’s XRP token surged 28% to reach a 3-year high.
Analysts suggest that the surge in cryptocurrency trades is being fuel in part by Coinbase’s direct listing that is taking place today, while Dogecoin’s success seems to be a product of uninformed crypto investors and the cheap price of the token.
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