Dogecoin as a fun payment Scrypt algorithm has been receiving criticism in its wild surges. Being a joke cryptocurrency halving in value and falling to $0.20 just days later. Many had likely written off the coin after its record-breaking rally to $0.41. But once again, Dogecoin is proving many wrongs. It has now surged to all-time highs of $0.5876, risen by 33% in 24 hours and 96% in one week. Even more astoundingly, Dogecoin is now at No. 4 in the rankings overtaking XRP and Tether in the process. Such a milestone would have been unthinkable a year ago.
Though many are not surprised about these wide surges, while others don’t even know more about the coin. However, Dogecoin is a cryptocurrency created by software engineers Billy Markus and Jackson Palmer. They decided to create a payment system that is instant, fun, and free from traditional banking fees. Dogecoin features the face of the Shiba Inu dog from the “Doge” meme as its logo and namesake. The coin was introduced on December 6, 2013, and quickly developed its own online community.
Surges Behind Dogecoin
Dogecoin’s wild surges can usually be traced to Tesla’s Elon Musk, who is known for promoting the altcoin to his 52.7 million followers. But curiously, the billionaire hasn’t mentioned DOGE in recent days. Instead, it’s more likely that the uptick in price can be linked to how trading platforms such as eToro and Gemini have now announced that they support the meme crypto coin making it easier for investors to get their hands on these furry tokens.
Although it’s difficult to predict what this volatile cryptocurrency will do next. It seems inevitable that DOGE will feature prominently during Elon Musk’s turn. This could contribute to a further rise in demand for Dogecoin. But this could prove to be a high-risk strategy for investors if the heat leaves the market. Surges behind the wild increase in Dogecoin price can be traced to:
Dogecoin’s staggering rally has had wild surges impact on the coin, and the rally appears to be showing no sign of slowing down with the joke cryptocurrency racing to highs of $0.2917. The extraordinary turn of events has meant Dogecoin’s market cap has fleetingly managed to exceed the likes of Capital One and the Spanish banking giant Santander — as well as other big financial names such as Barclays.
The price has cooled to a still impressive $0.2485 at the time of writing. That means DOGE has risen by 77.57% in a single day and is up a whopping 315.62% on the week.
It comes a day after Elon Musk dusted off his iPhone to tweet about Dogecoin once again, sharing a surreal piece of artwork entitled “Doge Barking at the Moon.”
Dogecoin Big Milestone
With Bitcoin’s dominance now languishing at 52.3%, the surges enjoyed by the likes of Dogecoin, XRP, Binance Coin, Maker, and others now means that the collective market cap of altcoins has raced beyond $1 trillion for the very first time.
Dogecoin’s most recent gains might seem impressive in monetary terms, but earlier rallies were much more significant from a percentage point of view.