Forget Bitcoin! This crazy crypto has made + 12,500% in 5 months!

In recent days, the cryptosphere has been marked by the emergence of a crypto that has literally exploded. Not less than + 400% in just 7 days! No it’s not Bitcoin. The exploitation came from a “small” crypto, which nevertheless has everything of a large …

Source: Pixabay

The dogecoin rise

This week’s performance was achieved by Dogecoin (DOGE). Currently, the DOGE price is moving around € 0.3111. Last Friday, the token traded at around € 0.05883. Dogecoin has therefore increased by 400% in the last 7 days !

But the rise in the price of Dogecoin did not start this week. It is true that for a long time this crypto remained quite discreet. Since entering the market for less than € 0.0002 at the end of 2013, the DOGE has slowly risen below € 0.003 until the end of 2020. This is where things got carried away!

speedometer
Source: Pixabay

Dogecoin has undoubtedly benefited new massive public interest in cryptocurrency. DOGE traded at € 0.002468 on 19 November 2020, ie 5 months ago. No matter how you look at the evolution of Dogecoin, the numbers are impressive:
• + 12,500% over the last 5 months
• + 500% last month
• +400% within the last 7 days

In the last few months, Dogecoin has ranked around 10th place among cryptocurrencies in terms of capitalization (“market cap”). Thanks to its recent outstanding performance, Dogecoin is now ranked as 5. world cryptoin front of large cryptocurrencies like Cardano or Bitcoin Cash.

A joke … that pays off!

Dogecoin was created in 2013. Hard to believe, but in the beginning, this corner was rather imagined as a joke. The idea was that make fun of cryptocurrencies which began to flourish everywhere after the creation of Bitcoin. One of the creators, Billy Markus, has also expressed his true original ambition:

“The original intention was a parody of all the ‘serious’ but cloned tokens that tried to separate themselves, but they all looked the same. Dogecoin was just another cloned cryptocurrency, but instead of taking itself seriously, was it just Dogecoin.Billy Markus, co-creator of Dogecoin

Dogecoin token
Source: Adobe / Nikolay

Incidentally, the implementation of the joke did not pull. And the least we can say is that it was done quickly!

“From the moment I thought ‘it’s a fun idea’ to the end of the coding, it took me about three hours” Billy Markus

These three hours of coding about 7 years ago are worth it today … more than 41.6 billion euros (capitalization of Dogecoin to date)!

The future of Dogecoin depends on its followers!

Admittedly, Dogecoin is an electronic currency that allows peer-to-peer transactions. But Dogecoin has one specificity compared to other cryptocurrencies. The price of Dogecoin depends less on the law of supply and demand than on … the action of a few powerful influencers.

Dogecoin actually has supports that are useful and influential to say the least. Among them are especially Elon Muskthe head of Tesla, and Cuban mark, owner of the Dallas Mavericks NBA team. Musk and Cuban regularly talk about Dogecoin on Twitter. The result is almost always the same: the price of DOGE jumps.

twitter logo
Source: Pixabay

All cryptocurrencies would dream of having such effective followers to increase their fame. So what’s the problem? Some wonder about it these ads are not based on any specific features of Dogecoin. The effect of these “advertising stunts” stems more from the popularity of the speakers than from the inherent qualities of the product.

This observation causes many people to be wary of the rise in the price of Dogecoin. In fact, if Dogecoin has no (or little) own value, we can consider its inflation as one speculative bubble that will eventually burst. Conversely, others see Dogecoin as one opportunity to achieve a nice price gain in record time. Either way, do not miss Elon Musk’s next tweet. Chances are it will push the Dogecoin price up again!

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