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- Dogecoin surged 231% overnight
- Finds support from SpaceX and Tesla CEO Elon Musk, much in common between the two
- Returned over 5000% profits to the investors
The cryptocurrency world is reeling after a massive fall in the value of major players like Bitcoin and Ethereum this weekend. However, Meme-based cryptocurrency Dogecoin rose by 231% overnight to a high of $0.43.
Braving the COVID pandemic, Dogecoin has emerged as an attractive alternative for other cryptocurrencies. Fuelled by words of support from Tesla and SpaceX CEO Elon Musk, the latest cryptocurrency has managed to hog the limelight and is rubbing shoulders with the world’s largest cryptocurrency, Bitcoin, and second-largest cryptocurrency Ethereum (ETH-USD)
Dogecoin trading volume stood at a mindboggling 222% to $45 billion in the past day. It has managed to reach the second position as the most traded cryptocurrency, second only to Bitcoin. No wonder in his latest tweet Elon Musk posted Spanish artist Joan Miró’s painting titled “Dog Barking at the Moon.” The growth of Dogecoin can be compared in many ways to the meteoric rise of Elon Musk and his conglomerate. Who can remember how he was ridiculed when he started his Tesla and SpaceX venture.
Dogecoin wins, and why not?
Dogecoin has a cool $40.5 billion in market cap in its coffers. It has surged ahead of major cryptocurrencies like Polkadot and Uniswap. Today it stood as the seventh-largest cryptocurrency by market cap. The success of DOGECOIN can be gauged because it has plowed back 5000% profits to the investors since the beginning of 2021. The figure becomes even more mindboggling at 12,600% in one year.
Dogecoin Investors still in disbelief
Dogecoin blitzkrieg has baffled investors, and most crypto traders still have not been able to fathom the cryptocurrency’s rally. One trader has on Twitter exclaimed that DOGE is not a cryptocurrency. He further added that Dogecoin is far too expensive, and only new investors buy it. If DOGE continues its dream run and breaches the $1 mark, it will unseat BNB and become the third-largest crypto by market cap after Bitcoin and Ethereum.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
