Dogecoin 2021 spikes 300 in a week. stoking fears of a cryptocurrency .
Dogecoin Dogecoin fears … week, 300% a cryptocurrency in stoking spikes a of
Thu, 15 Apr 2021 20:00:00 -0700
Defying all odds, dogecoin is now worth $34 billion, and its price has risen by a whopping 300% in the last seven days
Dogecoin started out as a joke.
Now it's a top-10 digital currency worth $34 billion.
The cryptocurrency is based on the "Doge" meme, which rose to popularity in late 2013.
The meme portrays a Shiba Inu dog alongside nonsensical phrases in multicolored, Comic Sans-font text.
Created in 2013 by software engineers Billy Markus and Jackson Palmer, dogecoin was intended to be used as a faster but "fun" alternative to bitcoin.
It has since found a growing community online.
And now, defying all odds, dogecoin 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.
The digital token 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 dogecoin has seen a wild climb.
Like many cryptocurrencies, it 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.
Like the subreddit WallStreetBets, which helped fuel a rally in GameStop shares at the start of 2021, SatoshiStreetBets aims to pump up the prices of cryptocurrencies.
Dogecoin has been climbing again in the past week, hitting 10 cents a coin for the first time on Wednesday.
It's risen by a whopping 300% in the last seven days.
On Friday, a Reddit user posted a picture of their dogecoin holdings on the Robinhood investing app.
"Hey guys I just became a Dogecoin millionaire," the user said, showing a balance of $1,081,441.29 in their account.
For one, there's the Coinbase listing.
The most popular U.S.
virtual currency exchange went public on Wednesday, briefly hitting a $100 billion market cap in a landmark moment for cryptocurrencies.
The excitement around Coinbase's debut led to a surge in the prices of bitcoin and ether.
Bitcoin hit a record high of more than $64,000 on Thursday, while ether briefly topped $2,500 for the first time Friday morning.
Dogecoin has been no exception to the frenzied interest in these digital assets.
Dogecoin has been met with frenzied interest from users of Robinhood.
On Thursday, 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.
Some reports have attributed the latest dogecoin rally to support for the meme-based token from Tesla CEO Elon Musk.
Musk has made several tweets about dogecoin, which in turn has helped push up its price.
On Thursday, Musk posted a cryptic tweet saying "Doge Barking at the Moon," likely in reference to the popular crypto slang phrase "to the moon."
The billionaire has called dogecoin his "fav" cryptocurrency and "the people's crypto." Musk has also come out as a supporter of bitcoin, with his electric car firm buying $1.5 billion worth of the cryptocurrency earlier this year.
But his tweets have worried some investors, given their apparent ability to move markets.
Some bitcoin investors, for instance, have sounded the alarm about Musk's dogecoin tweets.
Nic Carter, co-founder of Castle Island Ventures, warned retail investors "are going to lose money on dogecoin," calling it a "vehicle for speculation."
Dogecoin's skyrocketing price has led to worries of a potential bubble in the cryptocurrency market.
Some investors already view bitcoin as a speculative bubble — the world's most popular digital coin has more than doubled since the start of 2021.
"Dogecoin's rise is a classic example of greater fool theory at play," David Kimberley, an analyst at U.K.
investing app Freetrade, told CNBC.
"People are buying the cryptocurrency, not because they think it has any meaningful value, but because they hope others will pile in, push the price up and then they can sell off and make a quick buck."
But, Kimberley added, "when everyone is doing this, the bubble eventually has to burst and you're going to be left short-changed if you don't get out in time.
And it's almost impossible to say when that's going to happen."
"This is doubly the case in the crypto markets where a small group of players often hold a huge chunk of the total number of 'coins' in circulation.
That means it only takes one person to dump all their holdings for the entire market to tank."
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Thu, 15 Apr 2021 20:00:00 -0700
Here's why DogeCoin is all over your Twitter and Facebook feeds
Here’s why DogeCoin is all over your Twitter and Facebook feeds
DogeCoin, initially designed, reached a milestone this Thursday when the price soared to over 25 cents, the first time the cryptocurrency exceeded 25 cents in value.
The market cap of DogeCoin — which started as a joke and is literally classified as “” — is currently just over $33 billion.
It’s the culmination of a semi-ironic movement that’s involved thousands of buyers, tens of thousands of online posters and the world’s richest man, Elon Musk.
Just like the Wall Street Bets Reddit(it got up to $483, short of the goal but a dramatic spike from the 52-week low of $3.77), cryptocurrency communities became attached to the idea of “sending” DogeCoin to 10 cents.
Now it’s soared past that goal and then some.
In early January, each token was worth less than one cent.
In late January, when both the GameStop and DogeCoin movements hit their stride, the value of DogeCoin shot up to 7.5 cents, well over a 10-magnification, before sliding down to 2.5 cents.
The coin has spent the past few months in the three- to seven-cent range.
On Sunday, its price began to rise, from around six cents, before it smashed the 10-cent milestone.
The surge from 10 cents to over 25 cents could be the result of Doge’s most high profile supporter, Elon Musk, tweeting out further support for the cryptocurrency.
In that last 24 hours he put out the following tweet:
Doge Barking at the Moon pic.twitter.com/QFB81D7zOL
If you’re familiar with cryptocurrency at all, you know Bitcoin and maybe Ethereum.
Those are the two biggest cryptocurrencies, but underneath them is an entire market of smaller ones called “altcoins” — or, sometimes, “shitcoins.” These are like the penny stocks of the cryptocurrency world.
Many aim or claim to have utility, or improve facets of the Ethereum blockchain, upon which most altcoins are built.
Others are “memecoins,” which rise and fall in popularity simply because they’re kind of funny.
Created in 2013, DogeCoin was the first such memecoin.
One simply called Meme launched last August at $1 and now trades at over $2,000.
CNBC 1 hour ago
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Benzinga 5 hours ago
Twitter › NorthmanTrader
#Bitcoin & #XRP lagging #dogecoin
5 minutes ago
Twitter › AnycoinDirect
🐶 1 Doge = 1 Doge 🐶 Wowe. Such day. Buy here: anycoindirect.eu/en/dogec… #doge #price #dogecoin
9 minutes ago
Twitter › alexfrangos
doge spotting www.wsj.com/articles/this… Great piece by @aosipovich
11 minutes ago
Twitter › jonnajarian
OMG my $DOGE trading $.29 this am! That’s a BANG!! @petenajarian @RebelsCrypto
11 minutes ago
Twitter › JamesTodaroMD
so early Coinbase investors cashed out and bought doge
15 minutes ago
Twitter › ladbible
Elon Musks recent Dogecoin tweets have helped the “joke” Bitcoin rival soar by 6,000 percent over the last six months. www.ladbible.com/news/530…
18 minutes ago
Twitter › HuobiGlobal
🎉Huobi x @Eljaboom $1,888 Airdrop! 100 winners in total! 1 🎁 $88 6 🎁 $66 93 🎁 $15 $Doge on the run 🐶 Click and do simple tasks below👇 #dogecoin #Airdrop #Huobi
19 minutes ago
Twitter › Investingcom
*DOGECOIN SOARS ABOVE 32 CENTS TO REACH NEW RECORD HIGH #DOGE #DOGECOIN 🚀🚀
23 minutes ago
Twitter › SalahBouhmidi
#dogecoin – since April we can see a parabolic increase in $DOGE. Technically speaking after this great surge in price, I think we could see a correction coming in, which would be healthy for the bullish trend. Look on #RSI its also overbought. $0.20 is an important support
24 minutes ago
Twitter › craigums
really glad I thought it was funny to buy 4,200 DOGE coins a while ago.
25 minutes ago
Twitter › in_tradingview
#DOGEBTC – #doge- #dogecoin -Just posting to brag my analysis – TradingView – in.tradingview.com/chart/…
28 minutes ago
Twitter › cnni
Dogecoin price soars more than 100% to new record after Elon Musk tweets cnn.it/3xb0MiC
31 minutes ago
Twitter › Cointelegraph
Much wow, such pump! DOGE is tearing the charts apart with its unprecedented rally to a new all-time high at $0.29. If you bought Dogecoin 12 months ago, you would have made an excess of 5,000% in returns. buff.ly/2OUBGmP (Reporting via @CointelegraphMT)
33 minutes ago
Twitter › borndirtymusic
Woke up to pee in the middle of the night and #dogecoin is gone 🚀🚀👻
36 minutes ago
Twitter › BitpandaPro
Did you notice that $DOGE just became one of the top 10 cryptocurrencies in terms of market cap metrics? It rocketed by almost 400% in the last 5 days alone! Let us know if youre trading #doge on Bitpanda Pro today 👇
43 minutes ago
Twitter › DigiFinex
Lets bet #Doge price this weekend! How far will it go? 🐶🐶
51 minutes ago
1 Dogecoin = 1 Dogecoin. Dogecoin is an open source peer-to-peer digital currency, favored by Shiba Inus worldwide. Get Started Now?…
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DogeCoin just hit 25 cents: Why that has the internet excited – CNET
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en.wikipedia.org › wiki › Dogecoin
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