DogecoinTL;DR Breakdown
- Dogecoin’s positive year has been triggered by Elon Musk.
- Most of the virtual currencies have also climbed to new all-time highs.
- The meme coin has surged by 15,000 percent.
Dogecoin has been fairing well in the crypto market this year. Most of the virtual currencies have also climbed to new all-time highs.
Dogecoin’s positive year has been triggered by Elon Musk, a very influential billionaire and effort of Reddit traders. As a result, this year, the meme coin has surged by 15,000 percent. On May 8, the coin recorded its all-time high of $0.7376, a 58% increment.
As the joke coin price hiked, DOGE became more popular on social media platforms. The Meme coin was launched toward the end of 2013. However, for a long time, it has not caught the attention of the media platforms. Cryptocurrency insiders had considered the altcoin long dead. The coin was created as a joke by two programmers and was rarely mentioned in virtual currency news.
However, it surprised many in May as total DOGE searches increased in sync with Bitcoin’s numbers. In the first week of May, both virtual currencies had equal searches.
DOGE’s popularity was steered by Elon Musk, the CEO of the electric-powered vehicle company Tesla. Musk has tweeted severally about the meme coin. In the same month, when he dismissed BTC payment in his company, he tweeted asking people if they will accept Dogecoin in purchasing the e-cars. After the tweet, many people believed the millionaire would opt for Dogecoin as the standard mode of payment for electric-powered automobiles.
According to Bitinfocharts, the highest spike of Dogecoin came about in January when the Reddit traders chose DOGE to be the virtual currency to be similar to GameStop.Only whales move DOGE: Data suggests major Dogecoin wealth gap
The daily transaction volume for Dogecoin has been deteriorating since May 5, when more than $82b was sent across the entire blockchain within 24 hours. The transaction fee of the joke coin has also increased by 25,000 percent, from $0.01 to $2.52. A subsequent drop in the blockchain’s usage has also seen fees drop to as low as $0.60.
While the popularity and usage of Dogecoin are declining across several metrics, it would be unreasonable for one to think that Doge will plummet in the future. Even if Musk was to stop tweeting about DOGE, other celebrities will still come in and tweet about the currency.
Just this week, an NFT of the original DOGE Shiba Inu picture sold for $4 million worth of ETH. Quite a positive signal suggesting hype around the digital asset has not yet faded out.
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