Dogecoin; a form of cryptocurrency created by the software engineer duo to mock the existence of cryptocurrencies as a whole has reached an all-time high on Tuesday when the price wheeled to a massive 11.5 cents. To date, it is the first cryptocurrency to cross the 10 cents benchmark- indicating how a full-fledged joke can be turned into a cap worth over $14 billion.
The Dogecoin was giving a mediocre result in the market till yesterday. Around 2 pm on Tuesday, the Dogecoin was trading at an average of 9 cents per coin. In a matter of a few minutes, the cryptocurrency leaped forward, broke a record, and set a new high in the market. When Dogecoin was at its peak, the price was almost 25% greater than what it was at the beginning of the day.
Although the exact reasons for this unanticipated surge are not known, it is suspected that the significant increase in the price of the Dogecoin was driven by a large surge in the middle of the day. This massive price rise emerges right after a 56% increase in volume was noted over the last day.
Apart from the Dogecoin reaching a new high, the overall cryptocurrency market has also done well for the most part. Bitcoin and Ethereum are two of the biggest names in the domain and the former have skyrocketed, reaching $63,000 for the first time in history. Despite the increasingly high prices, most retail investors have not been too wise in investing in crypto; even though most fund managers are under the impression that these prices are only “the result of a bubble.”
Over the years, the field of cryptocurrency has gained immense importance especially amongst well-renowned companies such as PayPal and Tesla. Elon Musk, the owner of Tesla has been one of the biggest supporters of Dogecoin. On April 10th, Musk tweeted “..going to the moon very soon”, which many think is a subtle reference to yielding benefits from crypto. Moreover, in February, he took to Twitter and stated how Dogecoin is the crypto for the people, along with Lion king art. As a result, the price went up by a grand 50%.
As of right now, we are uncertain about the reason for Musk’s zeal in Dogecoin matters; is it just a part of his public personality or an extensive strategy to build up confidence in crypto dynamics? Whatever the reason may be, it can be said without a doubt that Dogecoin has grown beyond belief. What began as a meme has now progressed into a crypto coin that is worth millions- and that in itself is an achievement.