Dogecoin is having a moment as prices surpass 50 cents ahead of Elon Musk’s ‘SNL’ debut

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Dogecoin prices are making a new run again, pushing the popular crypto to an all-time high above 50 cents as enthusiasm for the most popular digital asset on the planet refuses to wane. At the latest check, dogecoin DOGEUSD prices, + 40.61% were at 54 cents, up 37%, leading the virtual currency to a market value of around $ 70 billion, according to CoinDesk and CoinMarketCap.com .

So far this year, dogecoin has soared a staggering 10.694% in the first five months of the year alone. Put another way, $ 1,000 invested in dogecoin at the beginning of the year would be worth nearly $ 100,000, based on MarketWatch’s calculation of a starting price of 0.005405 cents for dogecoin in early 2021 and its current trading price. The Doge rally began in the wake of a series of bullish, albeit sometimes cryptic, tweets from Tesla Inc. TSLA, -1.31%, and SpaceX CEO Elon Musk. Musk will host “Saturday Night Live” this weekend, which has already drawn cheers and ridicule for the technologist. However, dogecoin may be gaining support from one of the asset’s biggest drivers competing with bitcoin and other digital assets. Perhaps adding some support to the dogecoin rally, crypto exchange Gemini announced custodial and trading support for the coin. The eToro trading platform also made dogecoin available to trade on its platform. Two weeks ago, fans of dogecoin, which was created as a parody coin in 2013, aimed to push the crypto’s value soaring to $ 1 on April 20, which became known as “Doge day.” And while that momentum eventually ran out, investors in crypto have remained enthusiastic about its prospects. That’s despite criticism that dogecoin, pronounced “dōj-coin,” has limited utility compared to other decentralized crypto assets, including bitcoin. CoinDesk data shows that dogecoin briefly hit a 24-hour high at around 58 cents, minting several millionaires on paper. In comparison, the GC00 gold futures, + 0.27% are down 5% year-to-date, the Dow Jones Industrial Average DJIA, -0.65% and the S&P 500 SPX index, -1.06%, both are up more than 10 % in 2021, while the Nasdaq COMP Composite Index, -2.09% is up 6%.