On Monday, May 3, eToro announced that it will be listing a famous crypto asset, Dogecoin on its platform. The news about the listing came as a result of the demands from the platform’s users.
The platform admitted that clients have made numerous demands for the cryptocurrency to be made available for trading. As such, eToro listed the controversial meme coin, also known as the Shiba Inu currency.
Dogecoin Market Analysis
As a result of the new listing on eToro on Monday, the price of Dogecoin sprang from the $0.37 region and eventually broke the $0.4 mark and even went as high as $0.47. This made the famous currency hit another new all-time high. The last time it hit an all-time high was just last month.
Following the price surge in April, the price of the currency quickly dumped just a few days later. Dogecoin however has shown good signs of recovery since then and looks stronger than ever before.
Per Messari, the market capitalization of Dogecoin is almost $60 billion, the highest on record. It has grown from becoming just an ordinary altcoin to a leading altcoin. Based on market capitalization, the meme coin is currently the fourth largest cryptocurrency in the world.
While many skeptics have played down the success of Dogecoin, the fans and community members of the meme coin have proved to be active and enthusiastic about the project. Elon Musk is one of the major supporters of DOGE. He has often tweeted positives about the meme coin. His tweets have also affected the price of the coin for good in recent times.
Prior to the listing, only a few crypto assets were made available for trading on eToro. Crypto assets with a high market cap like Bitcoin, Ethereum, and Bitcoin Cash. The multi-asset platform currently has over 20 million users. It is expected that more crypto assets with a large market cap will be launched on the platform.