Dogecoin, a cryptocurrency that features the “Doge” meme as its logo. It was introduced as a “joke currency” on 6 December 2013, It quickly gained its own online community and reached a market capitalization of US$60 million in January 2014.
The Big News:
Dogecoin Price sweeps 50% Higher As Bitcoin Proceeds $30k. In the past 24 hours, Dogecoin is up by 50%. This rival of Bitcoin, always rises sharply, whenever Elon Musk tweets about it. Some weeks ago, it had gone up by 20%, and the reason was Musk’s tweet. But, this time, the scenario wasn’t the same. As Dogecoin surged suddenly, without any involvement of Musk.
Dogecoin is up 50 percent in the past 24 hours, making it the most successful market capitalization crypto asset of the top 100. The amount of cryptocurrency exchanged on the last day was over $700 million. This news comes days after when Bitcoin hit $29,800 and could cross $30,000. Actually, virtual currencies are on a bull market, primarily powered by Bitcoin. Although Bitcoin is almost 50 percent above its all-time peak, other coins like Ethereum or LitecoIn are still 50 percent below their heights.
The Musk Factor:
What should be paid attention to is that the CEO of Tesla and Space X, Elon Musk, has been a supportive figure for DOGE. He even changed his profile description on Twitter to CEO of Dogecoin. He regularly shares memes about Doge on Twitter too.
Will It Continue To Grow?
Yes, it might continue to grow. Today the coin has a market limit of just under $900 million, although it was almost $1 billion at a certain point. If this Dogecoin ends as it did in the last rally, it may also climb higher than it is now.
The sudden rise in the price of the DOGE has made it very optimistic for the whole crypt room and everybody expects it to touch new heights in 2021. Many experts expect Dogecoin will emerge as the winner among the other altcoins in 2021 and will be able to touch $1 in this bullish trend.
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