The cryptocurrency that started as a joke in 2013 based on a Shibu Inu meme gained 54% Tuesday to reach a value of $0.11, making each Dogecoin worth more than a full U.S. dime, based on CoinDesk statistics. Earlier in the day, Doge hit $0.12. That figure represents an all-time high for the crypto touted by celebrities Elon Musk and Snoop Dogg, Business Insider writes.
Doge started the day at 0.07. The rally brings Dogecoin’s market capitalization up to $14.63 billion at the end of the day, with a trading volume of $9.96 billion, according to CoinBase. Experts say that CoinBase’s direct initial public offering planned for Wednesday has driven the price of most crypto coins up, with Business Insider calling it “a significant milestone for the cryptocurrency space.”
“One of the things that’s interesting about doge is that whenever there’s kind of excitement around cryptocurrency, people who don’t really know a lot about cryptocurrencies get pulled into the doge ecosystem,” said Adam Levine, managing director of podcasts and audio at Coindesk, in a Business Insider article. “And that’s partly because it’s cute, and it’s not intimidating. It’s partly because the tokens are very cheap.”
Of course, celebrity endorsements on social media don’t hurt. Oddly, however, billionaire Tesla and SpaceX CEO Elon Musk has stayed quiet about Dogecoin’s status in recent days, despite crypto supporters on Twitter tagging Musk.
The account @DogecoinRise wrote: “We Deserve A @elonmusk Tweet,” when Doge hit ten cents.
Others thanked Musk for helping the crypto get where it is today.
Twitter user @itsALLrisky resurrected the old “Guy Holds in a Fart” meme to share what it’s like “waiting for @ElonMusk to tweet about #Dogecoin.”
Experts told Business Insider that “momentum” could send Dogecoin even higher as the crypto market continues to gain. With so many factors working in favor of cryptocurrency in general, the internet-famous “meme coin” could continue to rise without any Dogecoin memes from Musk.
This article originally appeared on GOBankingRates.com: Dogecoin Exceeds $11 Billion Market Cap as Coinbase Launches IPO