Why is Dogecoin (DOGE) gaining attention?

Be the First to Comment Read

Why is Dogecoin (DOGE) gaining attention?

Follow us on Google News:
 Why is Dogecoin (DOGE) gaining attention?
Image source: © Darkworx | Megapixl.com

  • Dogecoin (DOGE) is one of the most popular meme-cryptos and features a Shiba Inu on its logo.
  • Dogecoin can be traded on crypto exchanges like Binance, OKX, etc.
  • The token return over 24% gains in the last 30 days.

On Tuesday, meme coins such as Dogecoin (DOGE) gained traction as part of a broader market rally. The DOGE token surged over 7%, while its one-day volume jumped more than 95%.

Market leaders like Bitcoin (BTC) and Ethereum (ETH) also surged.

The global crypto market rose 1.41% to US$2.16 trillion, and the trading volume increased by 6.31% to US$104.31 billion in the trailing 24 hours to 6:53 am ET on Tuesday.

Also Read: Hypebeast SPAC deal: When is Naomi Osaka-sponsored firm debuting in US?

What is Dogecoin (DOGE)?

Dogecoin (DOGE), based on the popular internet meme "doge", features a Shiba Inu on its logo. It is an open-source digital currency created by Portland-based Billy Markus and Australia-based Jackson Palmer. It was forked from Litecoin in December 2013.

The creators considered the meme-coin a fun and light-hearted crypto, hoping it would fascinate the core Bitcoin audience. It is one of the favorite cryptos of Tesla CEO Elon Musk. He keeps tweeting about the crypto regularly.

Also Read: Why is RAMP (RAMP) crypto grabbing attention?

Dogecoin, however, differs from the proof-of-work mechanism of Bitcoin in several ways, like using Scrypt technology. Its block time is 1 minute, and its total supply is uncapped, meaning there are no max limitations to the number of DOGE coins that can be mined. It can be mined through solos or by joining a mining pool.

The DOGE token is used as a tipping system on social media to reward quality content creators. It is available on exchanges like Binance, OKX, Bybit, etc.

Also Read: What is Moonbeam (GLMR) crypto? Everything you need to know

Why is it gaining traction?

The coin has been rallying after Musk announced a major stake in Twitter Inc. The Tesla chief said he bought a 9.2% stake worth US$2.88 billion in the social media company.

Musk is one of the famous supporters of digital currencies. He and Tesla had Bitcoin (BTC) worth over US$2 billion as of 2021-end.

Also Read: Why PLC Ultima (PLCU) crypto skyrocketed nearly 300% YTD?

Tesla has begun accepting payments in DOGE at its online merchandise stores and charging stations. This news also had bumped up Dogecoin prices. In May 2021, Elon Musk tweeted that he had been working with Dogecoin developers to improve the project's system efficacy.

Although there is no direct relation between Musk's Twitter stake and the latest Dogecoin rally, experts believe it may have been a key factor, particularly after the buzz on social media.

Also Read: What is Sologenic (SOLO) crypto? Know price and performance

Dogecoin (DOGE) crypto price and performance                                                     Source: *Data provided by CoinMarketCap.com

Bottom line:

The DOGE coin was priced at US$0.1539 at 6:50 am ET on April 5, up 7.10%, while its volume for the last 24 hours surged 95.21% to US$2.61 billion. It has a market cap of US$20.41 billion, and its fully diluted market cap is US$20.39 billion.

Its total and current circulating supply are 132.67 billion. The token gave a return of 24.82% over the past 30 days.

Also Read: Why is Adadao (ADAO) crypto gaining attention?

Risk Disclosure: Trading in cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory, or political events. The laws that apply to crypto products (and how a particular crypto product is regulated) may change. Before deciding to trade in financial instruments or cryptocurrencies you should be fully informed of the risks and costs associated with trading in the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed. Kalkine Media cannot and does not represent or guarantee that any of the information/data available here is accurate, reliable, current, complete, or appropriate for your needs. Kalkine Media will not accept liability for any loss or damage as a result of your trading or your reliance on the information shared on this website.


Featured Articles