Dogecoin is in the news again, why?
Dogecoin cryptocurrency is on the rise again with an increase in the price, following a period of saturation. The coin has increased by 4.98% on June 28. The crypto coin gas increased lately bringing about feelings of trepidation of a crypto bubble.
In June, the price of Dogecoin increased by over 20% (it increased from 31 cents to 40 cents. Cryptocurrencies were trading with profits in June after Elon Musk stated that Tesla will use Bitcoin when the mining process becomes environment-friendly, thereby increasing the price of Bitcoin to over $39,000.
Bitcoin increased by over 10% to trade at $39,794.57, thereby adding $3,404 to its previous close. Ether (the crypto coin that’s connected to the Ethereum blockchain), increased about 5% to trade around $2,500 level while trade coin traded at $0.32.
Dogecoin, an open-source peer-to-peer crypto coin, was highlighted in a meme that Elon Musk shared. After the meme was shared, the digital currency has hit record highs. Online communities are contributing to the increase in the price of the coin as suggested by experts, after increasing by 91% per value trackers after Elon Musk tweeted about Dogecoin. The price of the coin in June revealed a 20,000% increase from what it was this time last year.
The main reason why Dogecoin is in the news and why there is a rapid increase in the value of Dogecoin is Elon Musk; he has been vocal about his support for the coin on Twitter. The Space X CEO made a tweet with the picture of Doge on it. This made many people buy the coin. The cryptocurrency industry experts have condemned Elon Musk in the past for influencing the prices of cryptos like Dogecoin and Bitcoin.
Elon Musk, who has addressed himself as ‘The Dogfather,’ is working with Dogecoin developers to improve the innovation behind Dogecoin. As of now, Dogecoin is a meme currency that has no certifiable use.
In addition, the Dogecoin cryptocurrency stock is limitless. About 130 billion Doge tokens are currently available for use. With its current price of $0.2137, the market cap of the coin has a value of $26.797 billion.
The coin was worth more than 75 cents while the market cap was more than $80 billion at the recent peak. These figures are not bad for a meme.
According to crypto experts, the first major challenge of Dogecoin will be going beyond the $1 mark. Judging from everything happening in the market, there’s a possibility of this happening before the end of July. When this happens, the next aim will be to pass the $10 mark.
Due to its new increase in price, Dogecoin joins the world’s top ten cryptocurrencies, after Bitcoin, Ethereum, Tether, Binance Coin, and Cardano. The Measure Protocol information also positions Dogecoin as the third most popular cryptocurrency to own in the United States and the United Kingdom. The ownership rate in these countries is 24% and 15.5% respectively.