Dogecoin has almost doubled since April, rising more than 50% after a surge pushed by internet users tried to force the coin to $1, as plans for a “Doge Day” failed last month.

The meme-based crypto increased 55% to reach $0.68 on Wednesday morning, it is now at $0.65.

Dogecoin increased by 450% to an all-time high of $0.32 during April of this year.

Wednesday’s move pushed its market cap to more than $70bn to be the fourth-largest coin in terms of valuation. This is larger than the value of coronavirus vaccine maker Moderna (MRNA).

For context, Amazon (AMZN) took over a decade to give a 10,000% return. It has taken dogecoin only five months.

This comes after support for the two coins has increased. With popular exchange Gemini announcing on Wednesday that it will now support dogecoin, and eToro also adding the cryptocurrency to its online trading app this week.

Meanwhile, bitcoin (BTC-USD) has struggled to reach the record highs that it had last month. the leading crypto had a pullback of 2.9% to $54,564.

Ethereum (ETH-USD), which is the second popular crypto, was also down by more than 2% to $3,284 on Wednesday.

Author: Steven Sinclaire

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