Over the past month Dogecoin has seen outstanding price growth. Outperforming almost every asset on the market and is now seeing increased participation from retail investors.
The altcoin has seen a nearly 2,000% appreciation since the end of December, going from trading from $0.004 to $0.08. Even amongst the most volatile crypto markets this is unheard of. Daily trading volumes are now regularly peaking over $10 billion.
While Bitcoin seems to have strayed away from its initial goal of serving as a peer-to-peer (P2P) transfer of value. Dogecoin remains an asset that can be used to complete user and merchant transactions. Doing so cheaply whereas BTC and ETH now have massive fees.
Most of Dogecoin’s recent success comes from individual investors. Which is becoming more commonplace as proven by the recent Gamestop situation. Which saw its price surge by 400% following retail investors banding together. Buying up all the available shares after hedge funds attempted to short the stock.
Doge is further seeing a lot of action thanks to billionaire entrepreneur Elon Musk who has sent a number of Doge related tweets since December. Furthermore, Musk has even bought his young son Dogecoin. Tweeting out “Bought some dogecoin for lil X, so he can be a toddler hodler.”
Musk Not the Only Big Name Tweeting About Dogecoin
Elon Musk isn’t the only big name tweeting about Doge as Dallas Mavericks owner Mark Cuban said that he would buy Doge instead of a lottery ticket, and has also spoken about buying some for his son and studying it together.
On February 7, rapper Snoop Dogg tweeted an image of himself with the Dogecoin mascot on his head with the caption ‘Snoop Doge.’ This helped push Dogecoin to a new all-time high and propelled into the top-10 of cryptocurrencies by market capitailzation.
As support for Dogecoin continues to pouri in from all over the world, it may be only a matter of time before the community realizes its target of $0.1 per DOGE. But for many within the dogecoin community, this will not be a victory as to them, the cryptocurrency is worth much more than its price alone.