DogeDay hashtags help meme-based cryptocurrency Dogecoin hit new high By Reuters – Investing.com

DogeDay hashtags help meme-based cryptocurrency Dogecoin hit new high By Reuters – Investing.com

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© Reuters. FILE PHOTO: Customers talk against a backboard with signs of cryptocurrency during 2020 Taipei International Finance Expo in Taipei,

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By Anna Irrera and Tom Wilson LONDON (Reuters) - Dogecoin prices hit an all-time on Tuesday, with a market capitalisation above $50 billion, after social media fans used hashtags to fuel a rally in the meme-based cryptocurrency. An 8,000% price surge this year has seen Dogecoin, which was launched as a satirical critique of 2013's cryptocurrency frenzy, overtake more widely-used cryptocurrencies like Tether to become the fifth-largest coin. While Dogecoin, whose logo features a Shiba Inu dog at the centre of the meme, a represents only a fraction of bitcoin's $1 trillion value, it can be traded on crypto exchanges and more popular mainstream trading apps. "The Doge rally represents an interesting convergence," said Diana Biggs, CEO of crypto start-up Valour, after Dogecoin's price soared by more than five-fold in the last week to a record $0.42, according to CoinMarketCap. "A meme coin created as a joke for early crypto adopters whose community found that kind of thing to be fun, with now a new generation of retail investors for whom memes are a native language," Biggs added.