Dogecoin rose to an all-time high on Wednesday, extending its rise in 2021 to become the fourth largest digital currency.
The digital currency has risen 41% in the past 24 hours to a record high of $0.68, according to CoinMarketCap.
In 2021, the coin is up more than 14,000%, from $ 0.00468 on December 31, overtaking widely used Tether and XRP to become the fourth largest coin by market cap.
Yesterday, Gemini on the New York Cryptocurrency Exchange said it would start allowing users to trade and hold a token of the dogecoin. Like other digital currencies, it is very volatile and its price is heavily influenced by social media comments.
“A lot of cryptocurrency valuations are disconnected from reality anyway. Dogecoin is seen as it has always been seen, an asset that offers opportunities to capitalize on volatility every year,” said Joseph Edwards, head of research at Enigma Securities.
Earlier in March Tesla’s CEO Elon Musk said that Dogecoin could be the future of cryptocurrency. “Arguably the most entertaining outcome, and most ironic outcome, would be that Dogecoin becomes the currency of Earth in the future.”