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Dogecoin reaches an all-time high because it joined a new app called eToro

Dogecoin has reached an all-time high this week, and it might be because of an app called eToro.

Is Dogecoin on eToro?

Fast Company reports that the popular online trading platform eToro allowed Dogecoin trading this week, which gave people access to the meme-based currency in the same way that apps like Robinhood have.

  • “With eToro supporting Doge trading, it lends just a little more legitimacy to the meme cryptocurrency,” according to Fast Company.

The app eToro added Dogecoin into the app because there was high client demand, according to CoinDesk, which reports on cryptocurrency news. The app has about 20 million users, so that’s a lot more traders who can invest, per CoinDesk.

Of course, Fast Company suggests being cautious about cryptocurrencies, saying “cryptocurrencies, in general, are highly volatile and that’s even more true for coins like Doge. So think carefully before you dump your life savings into a meme coin. This rally could still be more bark than bite.”

Why is Dogecoin rising?

Other reports suggest Dogecoin reached a new level of value because of Tesla CEO Elon Musk’s upcoming appearance “Saturday Night Live,” where he is expected to talk about Dogecoin, according to Benzinga.

  • In fact, Musk has hinted at such. Musk said tweeted that “the DOGEFATHER” would “definitely” appear on “Saturday Night Live,” which hints that the cryptocurrency would be mentioned.