Yerevan (CoinChapter.com) — Dogecoin (DOGE), a community-driven meme-coin cryptocurrency that initially started as a joke, has rallied by a staggering 40 percent in the previous 24 hours, with the current value at $0.14. But it’s anyone’s guess why.
Dogecoin Becomes Serious
Today Dogecoin is a cryptocurrency with a valid blockchain and shockingly enough, has a real-world value of a respectable 14c per token. It has become a strong contender in the top-cap cryptocurrency space with an army of enthusiastic supporters on Twitter and Reddit. One of them is none other than Elon Musk, the founder of Tesla and SpaceX.
In 2013, right around the peek of the Doge meme, and the crypto-rush, a Sydney-based marketer Jackson Palmer mocked bitcoin on Twitter. “Investing in Dogecoin,” Palmer tweeted, “pretty sure it’s the next big thing.”, to illustrate how crazy the world has gone with this whole crypto nonsense.
The joke didn’t end there. He actually bought the domain dogecoin.com and photoshopped the Shiba Inu on a coin, to keep up the laughs. But things started to get serious as more people joined in, including Billy Markus, who helped Palmer put Dogecoin atop an actual decentralized blockchain.
Today, Dogecoin has emerged as one of the most popular cryptocurrencies, with a market cap exceeding north of $17 billion at this press time.
Why So Rallying?
One of the factors behind this bullish bias is the overall altcoin wave and the crypto-market boom. Many companies are accepting cryptocurrency into the mainstream, like MicroStrategy, Tesla, PayPal, etc.
Moreover, Coinbase, the largest cryptocurrency exchange platform, will get listed on Nasdaq Stock Market on Wednesday. This milestone event has already attracted a lot of attention from traders and investors. It has brought a lot of funds as well, bringing a stable ascent across the cryptocurrency market. Not only for flagship digital assets like bitcoin and ether but small ones as well. Possibly Dogecoin got swept away with the bullish wave.
Another important factor is the public attention. Tesla’s Elon Musk is DOGE’s big fan — as stated above — and keeps tweeting about it. He did the same after Dogecoin rallied to its all-time on Wednesday.
And not only him, The Dallas Mavericks are very much into Dogecoin apparently. Mark Cuban tweeted:
Although, during the days leading up to the Wednesday price boom, the pair consolidated sideways in the $0.056-0.078 range — showing no on-chain reaction to Maverick-led demand for DOGE tokens. So it appears, bulls acted on hype.
Albeit the Dogecoin might be a joke, but it’s still having a very real 49 percent gain in the second quarter. Such Doge, Much Wow!