Critics who had written off this joke cryptocurrency certainly aren't laughing now.
You can’t keep a good dog down — and for evidence of this, just look at how Dogecoin is currently performing.
Cynics (including comedian Bill Maher) had likely written off DOGE after last month’s record-breaking rally to $0.41. Indeed, it initially seemed such criticism may have been well-founded — with the joke cryptocurrency halving in value and falling to $0.20 just days later.
But now, once again, Dogecoin is proving naysayers wrong. It has now surged to all-time highs of $0.5876. At the time of writing, it’s risen by 33% in 24 hours and 96% in one week. Even more astoundingly, DOGE is now at No. 4 in the rankings — overtaking XRP and Tether in the process. Such a milestone would have been unthinkable a year ago.
What’s Behind the Surge?
Usually, wild surges in Dogecoin’s price can usually be traced back to Tesla “Technoking” Elon Musk, who is known for promoting the altcoin to his 52.7 million followers. But curiously, the billionaire hasn’t mentioned DOGE in recent days.
Instead, it’s more likely that the uptick in price can be linked to how trading platforms such as eToro and Gemini have now announced that they support DOGE — making it easier for investors to get their hands on these furry tokens. On Tuesday, Gemini’s co-founder Tyler Winklevoss tweeted:
“Dogecoin is the people’s money. It’s organic, irreverent, and fun. @Gemini now supports $DOGE. Deposits are open. Trading to follow shortly.”
Although it’s difficult to predict what this volatile cryptocurrency will do next, it seems inevitable that DOGE will feature prominently during Elon Musk’s turn presenting Saturday Night Live this weekend. This could contribute to a further rise in demand for Dogecoin, but this could prove to be a high-risk strategy for investors if the heat leaves the market.
The extraordinary turn of events has meant Dogecoin’s market cap has fleetingly managed to exceed the likes of Capital One and the Spanish banking giant Santander — as well as other big financial names such as Barclays.
