In recent days, as Bitcoin was charting paths of growth, pulling along the entire cryptocurrency market, Dogecoin (DOGE) emerged as an unexpected leader in gains among the top twenty digital coins and tokens. Dogecoin’s price surged by about 14% over the last day, reaching $0.11, which, according to CoinGecko, represents the most significant increase among major digital assets. Interestingly, this price nearly reached $0.12, the highest level since November 2022.
Dogecoin, now ranking tenth among cryptocurrencies with a market capitalization of $15.7 billion, has overtaken Avalanche (AVAX), moving from eleventh to tenth place. This phenomenon, called the new craze for meme coins, seems to be gripping traders with unusual force.
Over the last week, Dogecoin is also one of the biggest winners, recording a 33% increase. As a meme coin, based on internet jokes or popular culture, Dogecoin has become the largest and original coin of this type, initially created to humorously reference Bitcoin.
Its popularity and value significantly increased when Elon Musk, CEO of Tesla and the richest man in the world, began promoting this cryptocurrency on Twitter (now known as X). At the peak of the 2021 bull market, Dogecoin’s market capitalization surpassed the value of many companies in the S&P 500 index.
Musk even suggested that Dogecoin could be used for payments on Twitter. Dogecoin developers have admitted that they briefly collaborated with Musk on improving the cryptocurrency so it could be widely accepted for payments.
The rise in Dogecoin’s value in such a short time is a reminder of the instability and unpredictability of the cryptocurrency market, where internet humor and pop culture can have a real impact on financial decisions of investors. It also shows how deeply cryptocurrencies have rooted themselves in the mainstream, becoming not only objects of speculation but also elements of a broader discussion about the future of finance.
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