- Dogecoin spiked as much as 34% to $0.095896 on Tuesday.
- The meme token hit an all-time high amid bitcoin and ether's record rallies.
- The current bull cycle and Coinbase's public debut are generating excitement around cryptos, analysts say.
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Dogecoin spiked as much as 34% to an all-time high of $0.095896 on Tuesday, bringing its total market capitalization above $11 billion, according to CoinDesk data.
The cryptocurrency that began as a joke based off of the "doge" meme has now rallied 1,905% this year, with help from high-profile backers like Elon Musk and Snoop Dogg.
Dogecoin wasn't the only coin to reach new heights Tuesday. Bitcoin soared to an all-time high above $63,000, while Ether hit a new record above $2,200. Meanwhile Ripple's XRP token surged 28% to its highest point in over three years.
The current stage of the bull market cycle and Coinbase's direct listing later this week are likely pushing dogecoin and other cryptocurrencies higher, said Adam Levine, managing director of podcasts and audio at Coindesk, who added that there typically isn't just one factor that drives up the price of the meme token.
"One of the things that's interesting about doge is that whenever there's kind of excitement around cryptocurrency, people who don't really know a lot about cryptocurrencies get pulled into the doge ecosystem," Levine told Insider. "And that's partly because it's cute, and it's not intimidating. It's partly because the tokens are very cheap."
Momentum could also be pushing up dogecoin's price right now, he said. A lot of early backers of dogecoin considered it "dead" coming into this year, and the coin's wild rally was largely unexpected. Now that the price has stayed elevated, it appears to be ticking higher when the broader crypto market gains.