Dogecoin passed the $0.50 mark to hit $0.54 on Tuesday, ahead of Elon Musk’s scheduled appearance on Saturday Night Live this Saturday.
Hype for Dogecoin is mounting as the Tesla CEO once gain drives the price of the “joke currency” skyward, helped along by endorsements from both social trading platform eToro and crypto exchange Gemini.
The currency is only half the way through to its coveted $1 price mark, which was first floated by WallStreetBets, an online forum that cost short-sellers billions of dollars earlier this year.
On Tuesday, a single Doge was worth more than $0.50, swinging from $0.389421 to $0.541900, or a 39% increase. That is a remarkable development compared to January 1, when the currency barely cost a single US cent.
Endorsement for Dogecoin spread quickly on Tuesday, as Gemini announced that it had integrated support for it, just hours after eToro announced it had added Doge to its online trading platform.
Gemini, which is owned by Tyler and Cameron Winklevoss, or the Winklevoss Twins as they are more popularly known, helped spur interest in Doge. Commenting on the development, Tyler, who is co-founder with his brother at the crypto exchange, said that “Dogecoin is people's money” and that the currency is “organic”.
Fear and loathing of cryptocurrencies has been see-sawing, as comedian Bill Maher recently called cryptocurrencies lacking any inherent value. Despite skepticism though, the staying power of Doge has proven more than an internet meme.