Dogecoin (DOGE), the infamous meme-like cryptocurrency that continues to invite both affectionate hype and thinly-concealed derision, has posted among the highest positive factors within the cryptocurrency market this week.
As of the time of writing, the cryptocurrency is buying and selling at round $0.137 — up an eye-popping 86% over the previous 24 hours and over 122% over the previous seven days. Its rally has secured a spot for the coin i the highest 10 largest cryptocurrencies by market capitalization, in accordance with CoinMarketCap data.
DOGE’s steep rise displays the extremely bullish climate within the wider cryptocurrency markets at current: At this time’s Nasdaq itemizing of main American cryptocurrency exchange Coinbase’s COIN stock has additional fed into the thrill, contributing to record-breaking rallies for each Bitcoin (BTC) and Ether (ETH) this week.
But the “joke” coin’s parabolic worth strikes additionally doubtlessly replicate the constant endorsement of the coin by high-profile celebrities corresponding to Elon Musk, Snoop Dogg, Gene Simmons and others. Musk’s function in elevating the profile of the coin was so conspicuous that it even sparked rumors in February this yr of a possible investigation by United States securities regulators into his potential affect on Dogecoin’s worth.
The coin has gathered followers in all types of corners of the media, sports activities and leisure spheres. In a tweet posted on Wednesday, Mark Cuban famous that The Dallas Mavericks’ merchandise retailer has seen a 550% enhance in transactions in DOGE over the previous month. “We now have now offered greater than 122k Doge in merchandise,” he revealed. Already in early March, Cuban claimed the basketball crew merch retailer had change into the “largest Dogecoin service provider on this planet.”
In an additional signal of the well being of its fanbase, r/Dogecoin was the third-most active crypto-related group on Reddit earlier this month, trailing solely behind the outstanding r/CryptoCurrency and r/Bitcoin teams, in accordance with analysis from Messari’s Mira Christanto.