Why is Dogecoin rising? EToro trading is followed by cryptocurrencies reaching a new high

Why is Dogecoin rising?  EToro trading is followed by cryptocurrencies reaching a new high

By comparison, Bitcoin, the most popular and valuable cryptocurrency, is currently worth $56,120, down just over four percent over the past 24 hours. Dogecoin is currently up almost 24 percent over the past 24 hours to $0.47, down a little from its record high earlier. The token is up around 60 percent over the past week.

Meanwhile, Dogecoin is also being buoyed by anticipation ahead of Elon Musk’s appearance on U.S. comedy sketch show Saturday Night Live on May 8, according to Benzinga. Today, Dogecoin’s market capitalization—the total value of all Dogecoins in circulation—is $56.3 billion.

Dogecoin has hit headlines in recent weeks due to its increase in price. At the start of April it was worth just $0.05. By this metric it is now the fifth most valuable cryptocurrency in the world, according to price tracking site CoinMarketCap. XRP, Binance Coin, Ethereum and Bitcoin are higher.

Musk has suggested that a reference to Dogecoin will feature in his SNL skit. It is not clear how, but on April 28 Musk tweeted simply: “The Dogefather, SNL May 8.” The Tesla and SpaceX CEO is known for his support of Dogecoin on Twitter, which often coincides with the token’s price jumping.

On April 19 the price of Dogecoin temporarily rose to $0.42, but by April 23 it had fallen down to just $0.19. Cryptocurrencies are known for their sharp price rises as well as for their sudden falls. Andreas Park, an associate professor of finance at the University of Toronto, previously told Newsweek the volatility of many crypto tokens is “staggering” and is driven by factors such as a lack of fundamental value.

Cryptocurrency as a whole has seen an increase in industry support this year, with the likes of Visa and PayPal integrating it further into their platforms as a payment method. Dogecoin was created as a joke by software developers Billy Markus and Jackson Palmer in 2013. Marcus Swanepoel, chief executive of the Luno cryptocurrency exchange, told the Financial Times: “Never spend more money than you can lose. It’s very risky, there is no doubt about it.”

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