DOGE Coin Continues to Out-Perform the Broader Cryptocurrency Markets

What started as a meme coin in 2013 now ranks #5 on the coin market cap. The coin rallied over 9,392%. Dogecoin is now valued at over $34 billion and many are beginning to regard it as a long-term crypto giant.

By
Rebecca Asseh
on
April 21, 2021
Category:
Blockchain News


The Performance of DOGE

Despite the crypto market suffering a dip on the 18th of April 2021 leaving the entire crypto market decorated in reds, Doge managed to climb up the ladder. Doge is up nearly 400% in the last week with a  24-hour trading volume of $29,113,861,683, and a circulating supply of 130 Billion DOGE coins.


What is Behind the Astronomical Rise of Doge?

Dogecoin began climbing up the crypto ladder in October of 2020 however, the explosive moves weren’t seen until 2021. Doge acquired a ton of attention due to the recent crypto-mania and it seems to be spread by icons such as the CEO of Tesla, Elon Musk. Other celebrities such as Snoop Dogg and Gene Simmons also joined in the tweeting spree endorsing Doge. However, can their tweets alone promote the coin? Musk had planned on taking a break from Tweeter only to return posting memes about dogecoin calling it “the people’s crypto” or when he tweeted about Doge barking at the moon. Singer Snoop Dogg also had a meme calling himself Snoop Doge. Even singer Gene Simmons — whose real name is Gene Klein, began tweeting about the coin telling his followers to “HODL” and “to the moon” after claims that he made a six-figure investment on dogecoin.

Doge also has a growing and enthusiastic community with a Reddit group called SatoshiStreetBets helping to fuel the movement of the coin. This group is similar to WallStreetsBets that helped fuel the price of GameStop. 

During a Clubhouse meeting, Elon Musk toss out some wild speculation on the coin saying, 

“The most entertaining outcome and the most ironic outcome would be that dogecoin becomes the currency of Earth in the future.”

Other factors that have been attributed to the surge in the price of DOGE, including the Coinbase listing on the NASDAQ. The US’s most popular virtual currency exchange went public last week and hit a $100 billion market cap, a remarkable achievement for the crypto sphere in a landmark moment for cryptocurrencies. After the debut of Coinbase Bitcoin and ETH also rallied with BTC hitting a whopping $64,000 a position from which it has since dropped. However, Dogecoin also rallied and followed the movement that Coinbase Listing has produced. 


What Does the Future Hold for Doge

The Dogecoin mania that has taken over the crypto space has spread out into non-crypto circles. It seems that the meme coin is gaining popularity amongst people and producing a large network effect. Doge is a Litecoin fork based on the popular "Doge" Internet meme and features a Shiba Inu on its logo. It started as a parody currency on December 6th of 2013. and with its fast coin production schedule, it already has its 100 billionth Dogecoin mined.  


As it is, the Doge community has set its eyes on the $1 goal of working towards taking the coin to the moon. April 20th has been tagged ‘Doge Day’, and speculations revolve around whether or not Doge day will see Doge hit $1. The call to see Doge at $1 has gotten so loud that even brands are beginning to join in. Dogecoin has hit some major financial landmarks and if the call for $1 pushes through, its market value will likely topple that of some blue-chip companies.

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Rebecca Asseh

Rebecca Asseh is a crypto and blockchain Writer with an interest in emerging technologies and financial psychology. When she's not writing, she's watching medical and crime shows.