Tuesday, May 11, 2021

Dogecoin now has a total market value of $34 billion.

The Takeaway:

The meme-based cryptocurrency Dogecoin has witnessed a whopping 300% surge in the last seven days as its market cap reached $34 billion.

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Dogecoin, created in 2013 by software engineers Billy Markus and Jackson Palmer, was intended to be used as a faster but “fun” alternative to bitcoin. It has since found a growing community online. The meme-based cryptocurrency has witnessed a massive surge this year. The cryptocurrency is up 300% in the last seven days. Dogecoin now has a total market value of $34 billion, according to crypto market data site CoinGecko, adding about $19.9 billion in the last 24 hours, as reported by CNBC


Dogecoin reached an all-time high today.

The meme-based cryptocurrency reached an all-time high above 28 cents Friday morning, more than doubling in price from a day ago. It’s not the first time that Dogecoin has seen a wild climb. Like many cryptocurrencies, DOGE has a tendency for volatile swings in price. Earlier this year, Dogecoin started mounting a comeback, skyrocketing on the back of enthusiasm from a Reddit group called SatoshiStreetBets. Dogecoin hit 10 cents a coin for the first time earlier this week. It’s risen by a whopping 300% in the last seven days.


Coinbase listing creates a crypto frenzy. 

The most popular U.S. crypto exchange went public this week, briefly hitting a $100 billion market cap in a landmark moment for cryptocurrencies. The excitement around Coinbase’s debut on Nasdaq led to a surge in the prices of bitcoin and ether. Bitcoin hit an all-time record high of $64,000 on Thursday, while ether briefly topped $2,500 for the first time on Friday. Dogecoin has been no exception to the frenzied interest in these cryptocurrencies. Dogecoin has been met with frenzied interest from users of Robinhood. The U.S. online brokerage said there was a “major outage” in its crypto trading feature after facing “unprecedented demand.” The feature is now back online, Robinhood said. Previously, Dogecoin received support from Tesla CEO Elon Musk as a joke that also hyped up the cryptocurrency price. 

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Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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