Dogecoin Rises 54%, Reaches All-time High

The price of Dogecoin has soared more than 85 percent in the past 24 hours. The digital currency which started as a parody seven years ago now has a market capitalization of over $17 billion, giving the coin a spot on the list of 10 largest cryptocurrencies by market cap.

The crypto, which features the face of a meme dog on its logo, has shocked a lot of people. It started as a joke Jackson Palmer, an Australian program manager who created it in 2013 as a way to joke about the trending crypto hype. Surprisingly, he got a lot of positive feedback and bought the dogecoin.com domain. 

This coin established as a parody reached a milestone as its price jumps to $0.13, exceeding $0.10 in the price for the first time since its creation.

Dogecoin, a cryptocurrency created to parody the insanity of cryptocurrencies, reached a milestone on Tuesday when the price soared to 11.5 cents, the first time the cryptocurrency exceeded 10 cents in value.  

Since the start of the year, the price of Dogecoin has risen over 2,000 percent and gained the attention of popular people including Elon Musk, and Snoop Dogg, whose tweets about the coin drove the price higher up. Dogecoin is also the third most active crypto-related group on Reddit so far this month.

This rise in prices can be attributed to the listing of popular crypto exchange, Coinbase, which will serve to further validate crypto trading. Cryptocurrencies like Bitcoin and Ethereum have been doing exceedingly well in the market this week. Bitcoin, for one, has passed $63,000. Investors expect that with the listing, the price of crypto will skyrocket as more and more people will feel secure enough to purchase cryptocurrency. Coinbase listed today on the NASDAQ stock exchange at $381 per share, 50 percent higher than the expected $250, and has risen to $415, a gain of more than 65 percent in less than 24 hours.