Dogecoin, the cryptocurrency that started as a joke based on the popular “Doge” Internet meme, has recently seen a significant surge in its price, as well as interest from investors and companies worldwide. Originally created as a fun alternative to Bitcoin, Dogecoin has now grown into a formidable player in the crypto market.
The value of Dogecoin (DOGE) is determined in real-time using a global volume-weighted average formula. This formula takes into account trading activity across 167 exchanges and 405 markets to ensure that the price reflects the current market consensus. As of its latest uptick, Dogecoin’s price rose by over 20% following the news that Tesla, the electric vehicle giant, would begin accepting DOGE as payment for selected products.
This increase was further bolstered when Coinbase, a prominent cryptocurrency exchange, announced its intent to launch Dogecoin futures trading, which could occur as soon as April 1. This move is expected to provide traders with an opportunity to speculate on the future price of Dogecoin, potentially attracting a broader range of investors to the cryptocurrency.
Another peak for Dogecoin occurred when Elon Musk, the CEO of Tesla, endorsed the idea of enabling purchases with Dogecoin, leading to the coin reaching a high of $0.189. Following this, Dogecoin’s price experienced a 40% boost, hitting $0.133 within the last 24 hours, partly driven by an overall rally in the Bitcoin market.
Additionally, the social media platform Twitter made a move that excited Dogecoin enthusiasts by replacing its logo with the Shiba Inu dog from Dogecoin’s logo. This resulted in a 31.9% surge in Dogecoin’s price as the crypto community reacted positively to the nod. Dogecoin was created on December 6, 2013, by developers Billy Markus and Jackson Palmer, with the aim of reaching a wider audience than Bitcoin’s core user base.
Despite its fun-loving and relaxed community, which some may view as a lack of professionalism compared to other cryptocurrencies, Dogecoin has gained a serious following and use-case, particularly as a tipping system on platforms like Reddit and Twitter. The Dogecoin community is also known for its philanthropic spirit, frequently organizing fundraising activities.
Dogecoin is traded globally on major exchanges such as Binance, Gate.io, and DigiFinex, with a trading volume that has reached $1,116,431,971.77 in the last 24 hours. Its market capitalization stands at BTC344,394.1390, ranking it 9th on CoinGecko. Currently, there are about 140 billion tokens in circulation, accounting for Dogecoin’s fully diluted valuation of BTC344,412.5276.
In summary, Dogecoin has demonstrated resilience and popularity, outperforming the global cryptocurrency market with a price increase of 12.80% in the last 7 days. As the crypto landscape evolves, Dogecoin’s position appears to hold solid, backed by a growing number of retail and institutional investors, as well as companies adopting it for payment and investment purposes.
