The financial online trading platform eToro with more than 20 million users in the world has decided to include Dogecoin as an investment option. This helped drive Dogecoin’s market capitalization price above $50 billion.
May 3, 2021 | AtoZ Markets – Some trading companies have refused to list the sixth-largest cryptocurrency currently due to its volatility, but today eToro has overcome these fears due to the growing demand for this financial asset globally.
In an email that was sent to its clients, the company reported a “further expansion of crypto services” that now includes 19 cryptocurrencies.
Adding that “Under the brand, Dogecoin has a solid technical foundation, using a testing mechanism. of work, like Litecoin (LTC) or Bitcoin (BTC), with minor differences, but key.”
It’s important to remember that the Dogecoin has 1-minute block intervals making it faster than other blockchains. There is no cap to the supply of coins and thus the coin can inflate infinitely.
What Is Dogecoin?
This cryptocurrency was created by Jackson Palmer and Billy Markus in 2013. The name was born from a meme of a Shiba Inu dog with funny phrases. It’s a derivative of Luckycoin which forked from Litecoin and uses a Scrypt algorithm. Cryptocurrency allows it to be mined faster than others like Bitcoin.
Who Supports Their Growth?
Among those who support Dogecoin, and defend that it could be a viable currency in the real world is Elon Musk. The billionaire previously suggested that it could be the “currency of Mars”.
The CEO of SpaceX and Tesla offered to buy their dogecoin from so-called “whales” or large digital currency investors earlier this year.
He said that people who accumulate large reserves of the cryptocurrency are preventing it from becoming a real currency.
“If the major dogecoin holders sell most of their coins, they will get my full support,” the mogul tweeted in February. For all of this, and watching the appetite for the crypto, eToro included Dogecoin as an investment option.
He has also received the support of musicians such as Snoop Dogg and Kiss bassist Gene Simmons.
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