Dogecoin (CCC:DOGE-USD) is off to a strong start this week, holding strong around 41 cents as eToro Exchange announced it would be adding DOGE-USD to its cryptocurrency exchange today. Dogecoin is up nearly 7% over the past 24 hours, and started Monday trading around 39 cents.
The gains in DOGE-USD helped the coin reached a $50 billion market capitalization ahead of Tesla (NASDAQ:TSLA) CEO Elon Musk’s SNL appearance this weekend, which many think will include a Dogecoin reference that will expose the cryptocurrency to a much wider national audience.
The possibility of a high-profile namedrop even has some asking if DOGE-USD could hit 50 cents as a result, though analysts are mixed when it comes to Dogecoin breaking resistance at 42 cents.
eToro said it was listing DOGE-USD in response to client demand. Certainly, this listing will rekindle investor hopes of Dogecoin one day trading on the world’s second largest cryptocurrency exchange Coinbase (NASDAQ:COIN). eToro is also preparing for a SPAC merger, to close sometime in the third quarter.
Regardless of where Dogecoin goes next, this listing is a big step for “the people’s cryptocurrency.” Just yesterday, Dogecoin advocate Mark Cuban said DOGE-USD could potentially hold purchasing power better than money in the bank. However, some experts say that for DOGE-USD to keep climbing, Dogecoin will have to abandon dreams of becoming a major currency and refocus on more niche use cases.
On the date of publication, Vivian Medithi did not have (either directly or indirectly) any positions in the securities mentioned in this article.