Dogecoin, the meme cryptocurrency linked to an image of a Shiba Inu dog, has been enjoying one of the best years for cryptocurrency in recent memory, boasting year-to-date gains over more than 11,200 percent
As of publishing, Elon Musk's favorite meme coin hit a record high today of $0.69, up over 56% in the past 24 hours. The popular trading platform Robinhood crashed amid the trading frenzy, just as it had the last time doge-mania struck last month. The Indian crypto platform WazirX briefly went down, as well.
The spike came in the wake of news that two more big exchanges were opening the door to the coin. On Monday, eToro announced that it would allow its 20 million users trade dogecoin, and on Tuesday, Gemini said it would support the meme crypto for its more than 13 million active users as well.
A currency that started off as a joke is now so popular that its market capitalization has crossed $86 billion, making it the fourth largest cryptocurrency by market cap, according to metrics site CoinMarketCap. The meme asset's valuation is worth more than Honda Motor Company.
#DogeCoinArmy Trending on Twitter
Today's dramatic rise is partly due to its supporters aim to drive the parody coin's value to $1 as the spike coincided with the hashtag #DogeCoinArmy trending on Twitter.
Dogecoin fans and investors are now hoping the hype can build enough to boost the price of the crypto up to a dollar in the coming days. They are taking to Twitter to urge others to hold the cryptocurrency until it hits new all-time highs with memes accompanying the hashtag. Here are some of the reactions on Twitter:
Why is Dogecoin Rising?
Musk is set to host Saturday Night Live this weekend, which has already drawn cheers and jeers from Dogecoin fans who believe the Tesla and SpaceX CEO's appearance would further boost the coin's value.
Musk has become one of the most prominent and vocal champions of doge coin this year and recently referred to himself as the Dogefather when he announced his SNL appearance in a cryptic tweet last Wednesday, which led to a 30 percent hike in the cryptocurrency.
Dogecoin's rally first began in February, thanks to a series of tweets from Musk, and one analyst suggests that he's also responsible for the current move. "Dogecoin is surging because many cryptocurrency traders do not want to miss out on any buzz that stems from Elon Musk's hosting of 'Saturday Night Live,'" wrote Edward Moya, senior market analyst at Oanda, in a daily note.
Experts also believe that the rise in doge coin is being supported by retail traders who see the parody coin as a more accessible investment or trade, than, more expensive cryptocurrency options, such as Bitcoin, which is currently trading at $54,743.