The cryptocurrency industry is currently going through a very interesting period. Bitcoin has seen its price stay steadily above $50,000 for weeks now and also reached a new all-time high of around $65,000. All this can be credited to the recent wave of institutional support for the industry as well as new entrants into the market. Another digital asset that is currently having its moment is dogecoin.
Dogecoin Is one of the more interesting cryptocurrencies out there. It is based on a popular meme and while the attitude surrounding dogecoin tends to be rather humorous, its most recent achievements are putting it at the top of crypto investors’ lists.
Dogecoin to the Moon
Since 2021 began, dogecoin has seen two major price spikes and both were triggered by public support from figures like Elon Musk and also through a deliberate rally from the online community behind it.
As a result of this, dogecoin has gone from being just an internet joke cryptocurrency to being a highly profitable and sought-after token from investors. Considering the price of dogecoin has increased significantly in recent bull runs which seem to be more common these days, the demand for dogecoin has spiked.
It comes as no surprise then that eToro, a popular digital asset trading platform, has listed dogecoin for trading for its clients. The justification for this change was given as the high demand for dogecoin among investors and this shows just how Important dogecoin is on its way to becoming. It could also have significant implications for meme tokens and a move like this grants them a certain level of validity within the general public.
eToro as a platform also boasts over 20 million users and once they are able to get their hands on dogecoin, the price may spike even more. More cryptocurrency exchanges might also follow suit and dogecoin will become even more publicly accessible.
Critics of dogecoin, however, argue that the blockchain behind the token is not advanced enough and has no practical use. Another argument put forward is that dogecoin is being bought and used purely for entertainment purposes and that this cheapens the potential progress of the cryptocurrency space. Regardless, it is clear that dogecoin will likely be in the market for years to come.