The price of Dogecoin surged above 50 cents Tuesday, following a recent slump during which its value was cut in half.
As of Tuesday morning, Dogecoin's price topped 57 cents, according to crypto market data site CoinGecko.
The prices of Dogecoin and other cryptocurrencies plunged in late April as President Joe Biden was expected to unveil a plan to raise taxes on the wealthiest Americans that would nearly double levies on investment gains.
Dogecoin had been created as a joke poking fun at the rise of digital currency, but its price has climbed since the start of the year as more investors embrace cryptocurrencies like bitcoins and ether, which is the currency of Ethereum
Additional buying pressure may have stemmed from pro basketball team Oakland Athletics’ decision to sell tickets for dogecoin. In an announcement on Monday, the major league basketball team said it was selling two-seat pods for 100 DOGE ($48.80 at the time of writing) for its three-match series against the Toronto Blue Jays.
Dogecoin daily chart
Source: Messari
The quick recovery from a 40% April 23 flash crash shows a strong “buy the dip” mentality in the market. The cryptocurrency has rallied more than 9,000% this year, outperforming the likes of bitcoin and ethereum by a large margin.
With the staggering rally, DOGE’s market capitalization has surged to over $59 billion, according to Messari, making it the fourth-largest cryptocurrency in the world. Daily miner revenues recently rose to new record highs above $3 million.
The project, which started as a joke in 2013, has gained mainstream acceptance this year with the likes of NBA team Dallas Mavericks, medical supplier CovCare and several others adding support for dogecoin as a payments alternative. Tesla CEO Elon Musk has also been prone to tweeting about the coin, often prompting price rises as a result
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