NEW DELHI :
Controversial cryptocurrency Dogecoin spiked more than 50% to hit a market capitalization of about $90 billion ahead of Tesla Inc founder Elon Musk’s appearance as the host of American live television sketch comedy and variety show, Saturday Night Live (SNL), on Saturday. At the current price level, Dogecoin is more valuable than most Indian companies, except Reliance Industries, TCS and HDFC Bank.
On Tuesday, global trading platforms eToro and Gemini added the meme cryptocurrency.
Musk is one of the most prominent backers of the digital currency. “The Dogefather SNL May 8,” Musk had tweeted last week, hinting at the possibility of the crypto asset featuring on the upcoming episode of SNL.
At 2.55 pm IST, Dogecoin was trading at $0.66, 37.6% higher after moving in the $0.44-0.68 range over the past 24 hours, as per Coingecko.
In India, the crypto trading platform, BuyUcoin, has witnessed 10 times jump in Dogecoin trading in the recent past.
“Dogecoin is a hot destination for crypto investments. Elon Musk’s upcoming appearance on Saturday Night Live is seen as a major factor behind the latest Dogecoin rally as Musk has been a major supporter of Dogecoin as people’s crypto along with other crypto assets. Dogecoin is up more than 11,000% this year and most investors do not want to miss on this once-in-a-lifetime opportunity of long-term wealth creation. Ether is already around $3,500 mark and Dogecoin offers a low-cost entry into the lucrative digital asset economy,” said Shivam Thakral, chief executive officer, BuyUcoin.
Meanwhile, another cryptocurrency exchange, WazirX crashed on Tuesday due to a sharp spike in Dogecoin trading.
Dogecoin was founded on a popular “doge” meme and was created as a satirical critique of the crypto frenzy in 2013.
According to experts, while investing in cryptocurrencies is very risky, the risk in Dogecoin is much higher as the rally has come on the back of the hype that has got created, which might not be sustainable in the long run.
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