Dogecoin ($ DOGE) is jumping 200% today, hitting a new high at $ 0.432 just before 4pm this afternoon. Its rise has been limitless for a week and the cryptocurrency continues to explode in its “capitalization”, surpassing more and more digital tokens on the world rankings.
The performance is stratospheric as specialized sites mentioned again yesterday that Dogecoin outperformed Litecoin and moved into eighth place among the major cryptocurrencies. This Friday, the asset is now competing for the podium with Bitcoin and Ethereum. Capitalization has hit $ 50 billion, and only XRP (by Ripple) and BNB (Binance Coin) are ahead at $ 70 and 78 billion, respectively.
On Tuesday, Dogecoin’s share of the total digital currency market was just 0.37%. With a capitalization of more than $ 2 trillion (Bitcoin being half of that), Dogecoin has still had little impact. This Friday, April 16th, its share just rose to 1.35%. XRP is 3.51% and Binance Coin is 3.63%, calculated by CoinMarketCap.
A cryptocurrency with no merit?
In its defense, Dogecoin can explain its value by its limited supply of tokens in circulation ($ 129.2 billion DOGE). Like Bitcoin, with its future maximum of 21 million BTC, Dogecoin has the opposite logic of central bank fiat currencies, which increase liquidity and therefore can devalue a currency.
Incidentally, Dogecoin does not rely on a foundation. This is Elon Musk’s most popular cryptocurrency as it is the ultimate meme symbol, with its Shiba Inu logo on it. A “fun and easy” currency, according to the makers Billy Markus and Jackson Palmer, far from the same goals as other digital tokens.
The fact remains that the $ DOGE has already found use in the exchanges. Many Reddit users took over the internet donation asset. For his miners, the long and drawn out “Proof of Work” protocol of Bitcoin cannot be found at Dogecoin, which also leads to several advantages, in particular to ecological and fast transactions.
Dogecoin and Coinbase
As surprising as it is, Coinbase, America’s leading cryptocurrency app that just went public, doesn’t offer access to buy Dogecoin. Most of the current purchase flows come from its Chinese competitor Binance as well as from the US trading platform Robinhood.
For Dogecoin figurehead Elon Musk, the rise of the cryptocurrency is a victory. Two days ago, the billionaire expressed his enthusiasm on Twitter with a meme that marks each decimal point reached and then deleted it. Another meme was released yesterday, this time with Dogecoin on the Moon.
Doge barks at the moon pic.twitter.com/QFB81D7zOL
– Elon Musk (@elonmusk) April 15, 2021