Dogecoin Rises More than 80% Within 24 Hours

This week, Bitcoin and Ethereum aren’t the only cryptocurrencies that have set new peaks. Dogecoin has reached 10 cents for the first time.

According to CoinDesk, the virtual currency has risen more than 80%  in the last 24 hours and is now trading at $0.13. It now has a market capitalization of more than $17 billion.

The latest spike comes as investors prepare for Coinbase Global’s direct listing, which could help further legitimize cryptocurrency buying and selling as a company. Ahead of the listing, Bitcoin soared to a new high of $62,700, and other cryptocurrencies have also seen significant increases.

The growth of Dogecoin, on the other hand, is noteworthy. The currency has risen more than 2,000 % since the beginning of the year, and it has a fervent supporter in Tesla CEO Elon Musk, whose tweets about it have boosted Dogecoin’s value on occasion.

On Reddit, Dogecoin has a cult following, with a famous community similar to the WallStreetBets group behind GameStop’s rally — deciding earlier this year to push its value “to the moon.” Following that drive, Dogecoin saw a 600% increase in value.

Musk is Dogecoin’s wealthiest supporter, but he has previously been critical of bitcoin, calling it “BS” in a tweet. However, in a February interview, he said on the social app Clubhouse that he should have purchased the digital currency eight years ago. Tesla has also informed customers that they will be able to purchase cars with bitcoin.

Since today’s launch of Coinbase, it has experienced rapid sales growth. Coinbase has a market capitalization of about $68 billion, according to recent private stock transactions.