Listing on Gemini and eToro pushed Dogecoin price to a new high

Experts are waiting to see what Elon Musk has to say about Dogecoin

At the end of May 4 Dogecoin was able to update the historical price maximum, rising above $0.6, that is, adding 45% per day. The digital asset was supported by its listing on the Gemini cryptocurrency exchange, as well as on the eToro trading platform.

Experts from eToro are waiting to hear what famous entrepreneur Elon Musk has to say about Dogecoin, who is scheduled to appear on Saturday Night Live (SNL) on May 8 and try his hand as the host of this famous American TV program. Previously, Musk’s tweets provided additional momentum for the price of this digital asset, which has already shown significant volatility.

Dogecoin was worth only $0.005 at the beginning of the year, but in mid-April it was already above the $0.4 mark. Having survived the fall by more than 50%, the asset was able to resume its growth, showing more than a hundredfold increase in price since the beginning of this year. In terms of total capitalization, the asset ranks fourth in the world of digital assets at $72 billion at the beginning of May 5.

Over the past four years, Dogecoin has had 16 weekly rises of more than 30% each in its history, six of which were over 100%. Meanwhile, the current price hike is not the highest on record: on July 7, 2020, Dogecoin saw the fastest increase in the asset’s price in a short time. Back then, Dogecoin was able to rise by 73% in 36 hours.

For analysts, Dogecoin’s price growth with bitcoin dominating the digital asset market by less than 50% (45.5%) symbolizes the cryptocurrency market development phase, in which a number of altcoins are able to update their historical price highs. Against the backdrop of Dogecoin’s price growth, the Chainlink rate updated such a maximum, which rose to $47.5 (+12%) within a day.