According to price tracking by Coindesk, Ethereum has risen over 10% in the last 24 hours hovering above $3,400 while Dogecoin has surged over 35% in the last 24 hours to $0.59. This as Bitcoin remains below its record highs, hovering near $56,000.
The second-largest cryptocurrency's rise continues after the European Investment Bank issued its first digital two year bond of 100 million euro on the Ethereum blockchain, in collaboration with Goldman Sachs, Santander, and Societe Generale, triggering speculation that the digital currency may be gaining traction among financial institutions.
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Ethereum has already gained popularity in the mainstream through the form of non-fungible tokens, or NFTs, which are supported primarily on its blockchain. An NFT is a unique digital token that can turn any item in the digital world, from tweets to Gifs to videos, into a collectible asset. Like Bitcoin and other cryptocurrencies, NFTs are sold and bought via the blockchain. Non-fungible tokens verify authenticity and ownership by encrypting the creator's signature on the blockchain.
NFTs have caught the attention of big-name executives like Tesla's Elon Musk and Twitter's Jack Dorsey, NFL icons Eli and Peyton Manning, filmmaker Kevin Smith, singer Boy George, and brands like Funko, Pringles, Charmin, Pizza Hut and Taco Bell.
Former New York Ranger's star Mark Messier also jumped into the game telling FOX Business athletes can use the technology to control their own memorbila.
In a note to investors last week, analysts with JPMorgan said that they expect Ethereum to outperform Bitcoin in the long run. However, Bitcoin Chairman chairman Brock Pierce told FOX Business at the time that the increased engagement and interest in Ethereum and other blockchain applications is directly tied to the "incredible movement" of Bitcoin.
"There is a question of competitiveness between Ethereum and Bitcoin, which of course, is true," Pierce said. "But I don't think a rise in Ethereum is at the expense of Bitcoin. Growth between the two can be interchangeable."
As for Dogecoin, the meme token's gains come amid growing interest from Main Street and Wall Street alike.
Winklevoss Capital Management co-founder Tyler Winklevoss called the joke coin which uses the likeness of the "Doge" meme "the people's money" and "organic, irreverent, and fun." Winklevoss added that the Gemini cryptocurrency exchange will begin trading the digital currency.
Oakland Athletics of Major League Baseball President Dave Kaval said on Monday that tickets for two seat-pods in the Plaza Infield are now available for purchase for 100 Dogecoin.
Also capitalizing on DogeCoin's rise is Diners, Drive-Ins and Dives host Guy Fieri, who tweeted a picture posted of himself as an astronaut featuring the face of a Shinu Ibu, Dogecoin's mascot, in the space helmet and as a logo on the spacesuit. He also posted a link to the Guy Fieri store, where a shirt with the image is being sold for $30.
Others who have shown support for Dogecoin include Musk and billionaire Dallas Mavericks owner Mark Cuban, who said his NBA team would start accepting Dogecoin payments.
Dogecoin is poised to rise even higher this weekend, when Musk is set to host Saturday Night Live. In a tweet last week announcing the appearance, Musk referred to himself as "The Dogefather".
The cryptocurrency was created by software engineers Billy Markus and Jackson Palmer, who wanted to create a payment system without traditional banking fees.