Dogecoin Melts Faces, Fires Up To New Record After eToro and Gemini Listings

Dogecoin skyrocketed on Tuesday to new record heights as it was newly listed on two exchanges— eToro, and Gemini.

The Shiba Inu dog-branded cryptocurrency blew past its previous record of 47 cents after it gained as much as 45 percent on Tuesday afternoon to reach a new record of 61 cents before easing to 53 cents.

Dogecoin overtook Ripple's XRP to become the fourth-largest cryptocurrency as its market cap jumped above $70 billion. The cryptocurrency which once started as a joke is now up over 11,500 percent year-to-date.

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The astounding run comes a day after multi-asset brokerage platform eToro announced support for the cryptocurrency, citing strong client demand. The new listing opens dogecoin to some 20 million users spread across the globe. Then on Tuesday, Gemini announced it was joining the train to support the meme-based crypto, adding fuel to DOGE’s upward trajectory.

It also appears additional buying pressure may have stemmed from pro basketball team Oakland Athletics’ decision to sell tickets for dogecoin. In an announcement on Monday, the major league basketball team said it was selling two-seat pods for 100 DOGE for its three-match series against the Toronto Blue Jays.

READ ALSO: Ether Breaks To New Record High Above $3k

Dogecoin's quick recovery from a 40 percent April 23 flash crash shows a strong “buy the dip” mentality in the market. The cryptocurrency has largely outperformed the likes of bitcoin and ethereum this year.

In other news, Ethereum also soared to a new record high above $3,500 today, while Bitcoin dropped below $54,000 as its market dominance shrunk to 45 percent.