It looks like Coinbase’s good vibes for this week are not just rubbing off on BTC and mainstream forms of digital currency. Dogecoin – a joke token that uses the face of a cute little Shiba Inu dog as its mascot – has surged to a new all-time high and was trading for as much as 14 cents early Wednesday morning.
Dogecoin Keeps Making Financial Waves
This week was met with strong news surrounding the cryptocurrency space. The digital token industry just keeps growing like mad thanks to Coinbase’s public filing, which took place on Wednesday, April 14, 2021. The company stock began trading on this date, and investors now had a chance to purchase part of one of the largest cryptocurrency exchanges in the world.
As a result of the news, bitcoin – the world’s largest digital currency by market cap – surged to a new all-time high of more than $63,000 per unit, but it is not the only asset that seems to be feeling positive. As mentioned, Dogecoin has also reached a new high, and this has brought the total market cap of all the Doge in circulation to just over $17 billion. Thus, it is now the tenth most valuable cryptocurrency available to traders.
However, while we would like to assume that the news surrounding Coinbase may have had something to do with the asset’s spike, Dogecoin may be directly linked to a company known as Kronos, an air purification firm based in California. As it turns out, the company purchased as much as 600 million units of Dogecoin Cash, which is likely what caused the asset to jump.
While this token is not the same as its parent, Dogecoin and Dogecoin Cash are clearly linked, and thus when one garners a bit of a boost, the other will likely follow suit. Michael Rubinov – the president of Kronos – explained in a recent statement:
With the growing excitement around Dogecoin Cash, Kronos aggressively accepting Dogecoin as payment, and our popular limited edition air purifier rebranded as Air DOGE, we felt that swapping into Dogecoin Cash was a natural fit.
Dogecoin has been generally spiking over the past few months for several reasons. Despite its lack of standing in the crypto space, it appears to have garnered the love and affection of Elon Musk, the South African entrepreneur behind billion-dollar companies such as SpaceX and electric car firm Tesla. He has often referred to the asset as the “best coin” and has even commented that he would like to leave units of Dogecoin “on the moon.”
It’s a Joke, but It Sure Has Grown
Billy Markus – the co-founder of the asset – stated in March:
[Dogecoin] was made in about three hours with the bulk of that time customizing the look of the client. If I could not make it use the Comic Sans font, I wouldn’t have released it!