This is why Dogecoin is up 12%

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Alex Dovbnya

Dogecoin is collecting hard today and Tesla CEO Elon Musk has nothing to do with the most recent price spike

The price of Dogecoin, the most prominent Bitcoin parody, is up more than 12% in the past 24 hours, according to data from CoinMarketCap.

Earlier today, the cryptocurrency hit an intraday spike of $0.1384 on the Binance exchange, up 14% over the past three days.

Image by coinmarketcap.com

The price increase allowed Dogecoin to climb to 12th place in market capitalization, surpassing the stable coin of Binance USD (BUSD). The joke Bitcoin parody is now valued at $18 billion, but it is still a long way from the record valuation of more than $90 billion recorded last May.

The most recent spike comes after the virtual currency exchange Bitcoin of America made Dogecoin available at its cryptocurrency ATMs in the US. The company enabled support for Ethereum, the second-largest cryptocurrency, last October. It also allows customers to buy and sell Litecoin.

Bitcoin of America features 1,800 cryptocurrency ATMs in 312 states. The universal kiosk makes it possible to buy cryptocurrencies with cash after withdrawing from a debit card or sell their crypto for cash.

The addition of Dogecoin is likely to boost widespread adoption of the largest meme coin.

Voyager, a commission-free cryptocurrency trading app, also added support for Dogecoin on Wednesday, allowing its customers to send and receive the joke cryptocurrency.

Dogecoin also got some extra attention on Wednesday due to Nation Puppy Day, with Binance and other companies teasing the communities behind the most popular dog meme coins.

National Puppy Day is a public holiday first celebrated by animal behaviorist Coleen Paige. The goal is to raise awareness about puppy mills.

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