The latest spike in the price of meme-based cryptocurrency is fuelled by renewed endorsements by the billionaires and listings on eToro and Gemini exchanges.

Cryptocurrency representations are seen in front of the Dogecoin logo in this illustration picture taken on April 20, 2021.
Cryptocurrency representations are seen in front of the Dogecoin logo in this illustration picture taken on April 20, 2021. (Reuters)

Dogecoin price has spiked after billionaires Elon Musk and Mark Cuban tweeted about the meme-based cryptocurrency.

It's value increased by over 26 percent in the last 24 hours trading at $0.505 on Tuesday, according to data from Coin Metrics at 1510GMT.

The spike comes after Tesla chief Musk tweeted about his consistent endorsement of the cryptocurrency, calling himself the "The Dogefather," and referenced his planned appearance on "Saturday Night Live" on Twitter.

Musk's tweets on the cryptocurrency in February sent its price soaring over 60 percent.

Mark Cuban, owner of basketball team the Dallas Mavericks, also tweeted about the token several times on Monday, saying "a joke is now legit"

READ MORE: Bitcoin rockets to new high after Tesla takes it mainstream

eToro, Gemini Listings

The Shiba Inu dog-branded token on Tuesday also topped previous record price of $0.47 on April 16, shooting up to $0.577 during the European trading hours, according to coindesk.

According to the newsite, the spike was also fuelled by multi-asset brokerage platform eToro and digital currency exchange company Gemini announcing support for the cryptocurrency.

Doge's new listing opens on eToro opens it up "to some 20 million users spread across the globe," reports coindesk.

Alongside these two listings, US basketball team Oakland Athletics announced a decision to sell tickets for dogecoin. 

President of the Oakland Athletics, Dave Kaval, tweeted that the team "just processed first Dogecoin transaction in major league basketball history!" selling two-seat pods for 100 DOGE.


Dogecoin's rise came during a surge in online trading of stocks and crypto by retail investors, stuck at home with extra cash because of the Covid-19 pandemic.

An 8,000 percent price increase this year has seen Dogecoin, launched as a satirical critique of 2013's cryptocurrency frenzy, overtake more widely-used cryptocurrencies like Litecoin and briefly Tether, to become the sixth-largest coin.

It can be traded on crypto exchanges and more popular mainstream trading apps.

READ MORE: Coinbase makes dramatic stock market debut

Source: TRTWorld and agencies