Within the past 24 hours, we’ve seen Dogecoin (DOGE) take a leap forward, increasing in price by over 30%. As DOGE climbed the crypto ladder at a breakneck pace, the coin price hit a new milestone in the early hours of Tuesday morning, exceeding the $ 0.50 mark.
Dogecoin was valued at $ 0.389421 and hit $ 0.541900 overnight – a 39% increase in price. As Dogecoin continues to grow in the crypto market, the digital currency has surprised watchers who made fun of coins and made jokes – an intention of the creator himself. Despite the lingering jokes, Dogecoin has had the last laugh so far as it claims to be one of the most profitable jokes in the crypto space, as evidenced by the phenomenal increase in just 4 months.
Take a quick look at how far Dogecoin has come since January 1st, 2021. The coin was worth less than a cent at the time. Now, in May 2021, the coin has grown 10.922% to trade at just over half a dollar. However, this rapid turn of events for Dogecoin also points to the price of the coin falling by 50% in mid-April – both signals investors to be aware of the rapid changes in the crypto market. Influencers also have the opportunity to change the market, as we observed in February earlier this year. Elon Musk shared his thoughts on the crypto coin on his social media platform, which reduced almost 25% of Dogecoin’s growth in just a few hours.
Dogecoin Popularity Exceeds Tether (USDT)
With Dogecoin’s current market capitalization of more than $ 52 billion, cryptocurrency company has overtaken Tether (USDT), Twitter and US automaker Ford. AssetDash’s data suggests that Dogecoin’s empire is valued at an estimated $ 52.5 billion, which is $ 400 million higher than that of Tether as it is currently $ 52 billion. Ford’s market value is about $ 45.1 billion while Twitter is around $ 43.1 billion.
There has been speculation that the coin skyrocketed due to Elon Musk’s upcoming appearance on Saturday Night Live as a guest host.
To learn more about Dogecoin’s achievements so far this year, click here.
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