Dogecoin has hit another new record high — becoming the world’s 10th-biggest cryptocurrency in terms of market cap along the way.
The altcoin — which was started as a joke in December 2013 — reached $0.1425 on Wednesday.
All of this means DOGE has risen by more than 60% in a single day and 120% over the past week. Since the start of the year, it has surged by more than 2,759%.
What’s even more bizarre is that, for once, the rally doesn’t appear to have been inspired by a tweet from Elon Musk. The Tesla CEO has regularly expressed fondness for DOGE in posts shared with millions of followers — even revealing that he had bought the altcoin for his toddler.
It’s highly likely that a number of crypto investors may be tempted to gain exposure to Dogecoin in order to see whether the asset has any further room to run. Last summer, a campaign on TikTok aimed to drive the price of a single DOGE to $1.
To put the gains in rather stark terms, @BENBALLER on Twitter wrote: “Just remember, some of y’all could have put $1,000 into #dogecoin 4 months ago and today you would have had $38,000.”
Nonetheless, there are concerns about how centralized Dogecoin is — with a single address holding 27% of DOGE’s entire supply. Some have even likened the cryptocurrency to a Ponzi scheme, warning that inexperienced consumers could end up losing substantial sums of money if DOGE’s value ends up crashing.