Due to Increased Demand, Social Trading Platform Firm eToro Now Supports DOGE
Bitcoin may have brought cryptocurrencies to the limelight, but altcoins seem to be enjoying media attention in recent weeks.
The unprecedented surge in the value of small-cap cryptocurrencies has brought an influx of investors who have called for their listing on popular trading platforms.
The latest is meme-based cryptocurrency Dogecoin (DOGE) which enjoyed great fame following its bullish run in April.
In a few weeks that saw Dogecoin post over 300% increase in value, calls have continued to grow for the meme token to be listed on major crypto exchanges in the US.
The first response is coming from popular brokerage company eToro.
eToro US Lists DOGE
Israeli online brokerage firm eToro announced the listing of parody-based cryptocurrency Dogecoin on its U.S platform.
The listing will see Dogecoin join a host of other popular digital assets like Bitcoin (BTC), Ethereum (ETH), as well as, BCH, XRP, TRX, ETC, ADA, DASH, LTC, EOS, MIOTA, XLM, NEO, XTZ, ZEC, LINK, and UNI on the eToro US platform.
The brokerage firm with over 20 million active global users noted that this step was taken due to growing client demand for the meme coin to be listed.
eToro’s decision comes at a point in time when it witnessed remarkable rallies. It's known as one of the most highly sought-after digital currencies.
It has also received backing from popular figures like Tesla's Elon Musk and Shark Tank investor Mark Cuban.
Both men have contributed immensely to the continued success of Dogecoin.
At one point, Musk described DOGE as his favorite crypto.
This saw the price of the digital asset climb 20% with a further 10% when he confirmed his appearance on the popular tv show Saturday Night Live.
Cuban has been quite vocal too.
He has spent the better part of 2021 talking about cryptocurrencies and their potential to revolutionize the financial landscape.
In a recent tweet, he compared Bitcoin and gold as stores of value, noting that both are more or less financial religions in how they are used.
He also noted that BTC is easy to trade, create, and store with minimal delivery issues.
Also, Bitcoin allows for the transfer of value domestically and cross-border in contrast to gold which he said can be a hassle.
He also spoke on the decentralized platform Ethereum, which he said is far better, cheaper, and faster in authenticating financial transactions in a trustless manner through smart contracts than conventional financial institutions.
Cuban did not forget to speak about DOGE in his series of tweets. According to the billionaire investor, Doge may become a usable currency if more companies accept the digital coin in exchange for products and services.
Businesses Jumping on DOGE
Top on the list of companies adopting Dogecoin is NBA franchise Dallas Mavericks. The Mavs have since accepted Dogecoin as a form of payment for tickets and online merchandise. The solution was done in partnership with crypto payment provider BitPay.
Other businesses jumping on the Doge train have been consumer electronics company Newegg, Air Baltic, and Canada-based internet service provider EasyDNS.