Although Polygon (MATIC) is currently the strongest riser, Dogecoin (DOGE) is now making a considerable catch-up. The tweet from Elon Musk has already pushed the DOGE price up by 10% today to a price of $ 0.30.
That’s dogecoin’s highest price since April 21, shortly after the all-time high (ATH) of $ 0.42 that hit April 20. There may be a further rise in the offing today, although the rise seems to be slowing down at the time of writing. The price of DOGE was only at $ 0.005 on January 1, so that is a growth of no less than 6,500% (!) This year.
Not only do many investors make money from dogecoin, DOGE miners have also seen their profits grow tremendously this year. This is reported by analysis company ByteTree on April 28. According to data from ByteTree, daily turnover of dogecoin miners soared to a record $ 3.6 million on April 26. That is an increase of almost 4,600% in 2021.
Since January 21, 2021, when Elon Musk ramped up the frequency of crypto tweets, DOGE has beaten bitcoin 20-fold. It is truly remarkable.
This has happened despite the fact that DOGE does not even pretend to have a purpose unlike Bitcoin, which presents itself as a very serious and institutional store of value. ”
According to Charlie Morris, CIO of ByteTree, who says that rising transaction costs have contributed to this, but it is mainly the price increase that is responsible for this.
It should be warned that many people in the crypto market view dogecoin as a bubble that could burst at any moment. That’s because the cryptocurrency was once created as a joke and, as Morris says, it has no real purpose. Also, a very large share of the offer is in the hands of a small group, and the price mainly rises only if Musk tweets about it.