The value of Dogecoin, the joke cryptocurrency that’s seen a recent price surge, climbed slightly again on Thursday following a small dip a day earlier. The price has been flattening out this week, compared with the sharper rises seen last week, according to data compiled by CoinMarketCap, which looks at cryptocurrency values.
On Thursday, the price of Dogecoin (listed as DOGE on the cryptocurrency market) was reported to be at $0.073239 USD, with a 24-hour trading volume of $5,951,963,617 USD, at the time of reporting, according to CoinMarketCap.
Its latest value marked a 1.25 percent increase in the last 24 hours, while its market cap value (the “total value of a cryptocurrency’s circulating supply”) also rose by 1.26 percent, at the time of publishing.
The lowest price reported for Dogecoin in the last 24 hours ($0.06853 USD) was still a nearly 60 percent rise from the lowest value reported last week when it hit around $0.0429 USD on February 4, at the time of reporting, according to CoinMarketCap.
Dogecoin currently ranks 12th among the world’s largest cryptocurrencies based on market cap value, remaining at the same ranking as yesterday.
The meme cryptocurrency has seen a resurgence following the recent GameStop stock buying frenzy, which was fueled by investments from users on the subreddit r/WallStreetBets.
Dogecoin’s rise sparked renewed interest in other cryptocurrencies, including Bitcoin, the world’s first and largest cryptocurrency based on market cap price.
Earlier this week, Tesla announced it has invested around $1.5 billion in Bitcoin, the world’s first cryptocurrency. Last Wednesday, the price of Ethereum, the second-largest cryptocurrency by market cap price, hit a record high of $1,576.7, Reuters reported at the time, surpassing $1,500 for the first time.
On Thursday, Elon Musk, the CEO of Tesla, shared a post on Twitter referencing the Frodo character from the Lord of the Rings film series. Sharing an image of a ring bearing the Bitcoin symbol, Musk tweeted: “Frodo was the underdoge, All thought he would fail, Himself most of all.”
Musk also noted: “Bought some Dogecoin for lil X, so he can be a toddler hodler,” in a tweet on Wednesday.
Dogecoin’s price also rose following nods from several celebrities in recent days on social media, including rapper Snoop Dogg and the musicians Gene Simmons from Kiss and Kevin Jonas from Jonas Brothers.
On Wednesday, Mastercard announced it will “start supporting select cryptocurrencies directly on our network” this year, as it is “preparing for the future of crypto and payments.”
The card firm already offers “crypto cards,” created last year in partnership with Wirex and BitPay, that allow customers to make transactions using cryptocurrencies, which would then be converted to a fiat currency (a government-issued currency) before it reaches the seller.
Mastercard’s latest move would allow customers to settle their payments using cryptocurrencies, according to a source familiar with the matter, Coindesk reported. This would mean customers could pay vendors directly in cryptocurrency.
The company noted in a statement Wednesday: “Mastercard isn’t here to recommend you start using cryptocurrencies. But we are here to enable customers, merchants and businesses to move digital value—traditional or crypto—however they want. It should be your choice, it’s your money.
“Doing this work will create a lot more possibilities for shoppers and merchants, allowing them to transact in an entirely new form of payment,” Mastercard said.