Dogecoin rises 30% to a record above 50 cents
On Tuesday, the cryptocurrency, Dogecoin rose 30% to set a new record high at more than 50 cents per coin.
According to data from Coin Metrics, Dogecoin was trading at about 54 cents. It rose to roughly 40 cents per coin last month before falling sharply for several days.
Dogecoin was started in 2013, based on a popular internet meme at the time that featured a Shiba Inu dog and cartoon-style text over the image.
The coin has been boosted in recent weeks by billionaires Elon Musk and Mark Cuban, who have both mentioned Dogecoin on Twitter multiple times.
On Sunday on Twirre, Cuban said “Meme coins like Doge only work if they gain utility and users use them for that utility. As long as you can spend Doge, because we know it’s annual inflation rate is set at 5b coins, it can gain SOME value as the utility grows. It becomes like any other currency.”
“As long as more companies take doge for products/services, then Doge can be a usable currency because it MAY hold its purchasing value better than a $ in your bank. If interest rates skyrocket or the amount spent falls or stagnates, so will Doge. Yes, a joke is now legit”.