Dogecoin is a meme coin and was once born as a playful joke. However, the status that the altcoin has built up in recent years has, perhaps unexpectedly, become increasingly stronger. This is partly thanks to the help of Tesla CEO Elon Musk and his tweets about the altcoin, and all kinds of other developments regarding the adoption of the coin.
DOGE is best known for the hype that occasionally arises about the cryptocurrency. People see dogecoin rise, want to surf the green wave, buy DOGE, which eventually causes the price to rise even faster. We saw such a movement again today.
Over the past 24 hours, DOGE is in the plus by no less than 150%. This brings the highest price that DOGE has ever reached at $ 0.4377. Perhaps the craziest thing about all of this is the place that dogecoin has managed to conquer in the rankings of the largest cryptocurrencies. Today, the meme coin overtook both polkadot (DOT), cardano (ADA) and stablecoin tether (USDT) to become the 5th largest crypto on the market.
Whether the massive increase of no less than 500% over the past 7 days will last is unlikely. In addition to its rapid rise, DOGE coin is also known for its rapid declines. However, that doesn’t have to mean all bad news. For example, crypto trader Kaleo writes on Twitter:
“Remember the coolest thing about pumping DOGE is that the money always ends up in other alts when it’s done.”