- Elon Musk backed Dogecoin prices surge
- eToro is its latest backer
- eToro now include 19 cryptocurrencies in its inventory
Dogecoin is again on a rising spree after the news that online trading platform eToro will offer cryptocurrency to its customers.
Dogecoin market value is now $50 billion
The independent.co.uk reports that the Dogecoin market value is now $50 billion and is trading at an all-time high of $0.43. eToro was founded in 2007 and provided a user-friendly internet platform and mobile app suitable for casual investors, including beginners. The latest news that it will be offering Dogecoin cryptocurrency to its customers has once again pushed the values of Dogecoin up.
There is no shortage of supporters for Dogecoin, and after Tesla chief Elon Musk, it is eToro that will offer the crypto coin to its 20 million registered users worldwide. eToro is well known for social copy trading and cryptocurrency trading. independent.co.uk reports that eToro was criticized for not supporting Dogecoin. However, the fact that Dogecoin has reached the status of the world’s sixth most valuable cryptocurrency and remarkable price gains has forced eToro to change its mind.
Other platforms still wary of Dogecoin
However, other major platforms are still wary of Dogecoin. A probable reason could be its high volatility in prices. The Independent talked to Professor Carol Alexander, a crypto academic at the University of Sussex Business School. According to Prof Alexander, the potential for massive gains come with increased risks of significant losses. He added that the low input, high yield potential of Dogecoin is unparalleled.
eToro, in an email to its subscribers, stated that it is a part of an effort to expand its cryptocurrency base, which now includes 19 digital coins.
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Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.