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Dogecoin Hits $0.1425 After Surging 60% in One Day — Should Investors Be Worried?

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Published on:
April 14, 2021

The altcoin — which was started as a joke in December 2013 — reached $0.1425 on Wednesday.

Dogecoin Hits $0.1425 After Surging 60% in One Day — Should Investors Be Worried?

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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.

 

What’s Next 

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.

Author(s)

Connor Sephton

I cover the crazy world of crypto.

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