Some lucky TikTokers have managed to turn $25 into $3,145.
Dogecoin’s staggering rally appears to be showing no sign of slowing down — with the joke cryptocurrency racing to highs of $0.2917 in the early hours of Friday.
The price has cooled to a still impressive $0.2485 at the time of writing. That means DOGE has risen by 77.57% in a single day — and is up a whopping 315.62% on the week.
It comes a day after Elon Musk dusted off his iPhone to tweet about Dogecoin once again, sharing a surreal piece of artwork entitled “Doge Barking at the Moon.”
A powerful illustration of DOGE’s momentum so far this year came from @cryptoSqueeze on Twitter, who wrote:
“If you bought $10,000 worth of DOGE on 1st Jan 2021, you would now have $450k.”
That’s right — there’s been a 45x increase in Dogecoin since the start of the year.
Those who held on to DOGE following last summer’s TikTok challenge have the potential to be even more smug. At the time, a video went viral and called for users to invest $25 in the altcoin… when it was trading at just $0.0023. Based on today’s all-time high, that self-same $25 would now be worth $3,145. Let that sink in for a minute.
A Big Altcoin Milestone
With Bitcoin’s dominance now languishing at 52.3%, the surges enjoyed by the likes of Dogecoin, XRP, Binance Coin, Maker and others now means that the collective market cap of altcoins has raced beyond $1 trillion for the very first time.
You could argue that we are beginning to see a reprise of 2017, when adventurous investors began to explore opportunities in cryptocurrencies with a smaller market cap following on from big gains in the value of Bitcoin and Ether.