Dogecoin, the popular meme cryptocurrency created in 2013, rallied for two straight days to a new all-time high during early trading hours in the U.S. on Tuesday. This happened as bitcoin and ether also surged to new record prices on the same day that crypto exchange giant Coinbase started trading on Nasdaq.
- At press time, dogecoin was changing hands at $0.13, up 68.0% in the past 24 hours, according to CoinDesk 20.
- On Messari, dogecoin's market capitalization has also surpassed that of bitcoin cash and chainlink, now being ranked as the 10th most valued cryptocurrency.
- Messari's data also shows that there are 100 cryptocurrencies with at least $1 billion market capitalization, as the global crypto market now values at around $2.22 trillion.
- The staggering gains across the crypto market came in the leadup to Coinbase's direct listing.
- “The Coinbase hype within crypto, in terms of valuation and its domino effect on other markets” means Wednesday’s direct listing might become “a key catalyst event,” Singapore-based crypto quant firm QCP Capital wrote Monday on its Telegram channel.
- Notably, at the time of writing, dogecoin is not listed on Coinbase.
- The sudden price rise of dogecoin also came as Mark Cuban, the owner of the Dallas Mavericks, tweeted that the basketball team would not sell the dogecoin it receives from its consumers as payment for tickets and merchandise.
- The NBA team started accepting dogecoin as a payment back in March.