The cryptocurrency representing the dog Shiba Inu is trading for about 42 cents on the dollar, supported by the hashtag #DogeDay which is very popular today on Twitter.
Its price has risen by about 10% in the last 24 hours, according to data from the CoinGecko.com platform. Last week, Dogecoin gained more than 400% in value, with the market capitalisation reaching $53 billion.
Its profits come at a time when major cryptocurrencies are losing ground, with Bitcoin falling for five consecutive days.
“There is a “race” of investors, many of them millennials, who see this cryptocurrency as a purpose, as a movement,” said Antoni Trenchev, co-founder of the Nexo platform.
It is noted that Bitcoin and Ethereum are of course supported by 90% and 180%, respectively, since the beginning of 2021.