Dogecoin (DOGE) just reached a new all-time high after a 78.57% growth in the last 24 hours. The Shiba Inu-based coin now has a market cap of nearly $17 billion, and it trades at the price of $0.1318.
Dogecoin skyrockets to a brand new record
Bitcoin (BTC) and Ethereum (ETH) have both recently surged to new heights, this time simultaneously. However, the leading cryptos are not the only ones to see a massive price increase. They were joined by a number of altcoins, including Dogecoin — joke crypto from 2013.
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Back when it was created, DOGE was a meme-based coin that did not have a particularly long life expectancy. Even its creator expected it to die out alongside the meme, and he soon stapped down, distancing himself from the coin.
However, DOGE became the crypto industry’s favorite, and this popularity allowed it not only to remain alive for nearly 7 and a half years at this point, but also to skyrocket to the position of the 10th-largest cryptocurrency, with a price just over 13 cents.
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Why did DOGE surge?
DOGE, which Elon Musk, the CEO of Tesla, called his favorite coin on several occasions, recently skyrocketed, likely as a consequence of the direct listing of crypto exchange Coinbase. Coinbase’s listing helps further validate the entire crypto industry, as well as the coins that it supports. Not to mention that it encourages buying and selling coins as a business.
DOGE’s rise is particularly noteworthy as it surged by more than 2,000% between January 1st, 2021 and now, April 14th. Also, the fact that it is Elon Musk’s favorite cryptocurrency probably helped, particularly since Musk briefly became the world’s richest man earlier this year.
DOGE also saw a burst of popularity after a Reddit group decided to try and push its price to $1. This ‘to the moon’ campaign used any means at its disposal, including the hype about another subreddit, WallStreetBets, which was behind GameStop’s price rally earlier this year, too.