eToro Lists Dogecoin Amid Investors’ Enthusiasm
Popular brokerage firm eToro has added Dogecoin, a cryptocurrency considered as a joke in its initial stages, to its trading platform. The multi-asset platform has included the meme-based crypto after several years of push by the Doge community. eToro, in its media release, has highlighted robust investors’ demand as the key reason for such a decision.
Dogecoin, in recent times, has rallied considerably to gain the confidence of several investors, forcing crypto trading platforms to have a serious look at the crypto. In the year-to-date, dogecoin has appreciated by more than 6,500%. Currently, crypto investors can acquire Dogecoin in two ways.
They can either buy the crypto straightaway and trade them in a straight forward manner on the platform, or purchase derivative contracts, whose value fluctuates in accordance with the underlying price of the crypto.
eToro additionally stated that there will not be any hidden fee for trading Dogecoin. Nevertheless, the spreads will be there. The spread is included while opening and closing a Doge position. Even though there are no restrictions for traders to withdraw Doge from their accounts, there is currently no facility to move the asset from the eToro platform to the eToro money wallet.
The listing will provide an opportunity for roughly 20 million customers of eToro to trade the cryptocurrency. The overall optimism in the market has seen the crypto’s price to rally to a new high of $0.67 and surpass the earlier record of $0.47. The market cap also increased to a new all-time high of $71 billion to make the coin as the 4th largest cryptocurrency in terms of market cap, notably, above XRP, Tether and Cardano.
Dogecoin came into existence in 2013. Six years back, the OKEx exchange added the asset to its platform and stated that there is a huge demand for it. Binance soon followed and facilitated the trading of the crypto. Huobi exchange asserted that they understand the enthusiasm of their clients towards blockchain and Dogecoin in particular.
In this regard, Du Jun, co-founder of Huobi pointed out that Doge has no seen any technical advancement and the top ten Dogecoin addresses hold 41.35% of the total supply in circulation, implying Dogecoin is a high risk asset as a handful of players can have an impact on the price.