Dogecoin jumped by close to 50%, to an all-time high near $0.60, on Tuesday after the trading platforms eToro and Gemini added the meme cryptocurrency, opening it up to tens of millions of users.
The Shiba Inu-themed digital asset was also boosted by a break into Major League Baseball, with the Oakland Athletics accepting dogecoin as payment for tickets.
Dogecoin has ridden a cryptocurrency wave that analysts say has been driven by huge amounts of stimulus from governments and central banks during the COVID-19 crisis.
But eToro’s decision to add dogecoin trading to its platform sparked the latest leg higher. The brokerage is looking to expand its offerings as it prepares to go public via a special-purpose acquisition company in a $10.4 billion deal.
Read more: Ex-Ark analyst James Wang breaks down his bull case for Ethereum as its token breaches an all-time high of $3,300 – and explains why it could eventually reach $40,000
Optimism about dogecoin also grew after Oakland’s MLB team said it had started accepting dogecoin as payment. Oakland A’s President Dave Kaval said on Twitter that the team had already processed dogecoin transactions, which he said were the first in MLB history.
But many analysts have told potential investors to be very careful with dogecoin and other so-called altcoins, arguing that their lack of use cases and wild volatility make them highly risky investments.
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