Dogecoin (DOGE), the famous meme-like cryptocurrency that continues to invite both affectionate publicity and thinly disguised mockery, has posted some of the biggest gains in the cryptocurrency market this week.
At the time of writing this article, the cryptocurrency is trading at around $ 0.137, with a spectacular rise of 86% in the last 24 hours and more than 122% in the last seven days. This rise has secured it a place in the top 10 cryptocurrencies by market capitalization, according to data from CoinMarketCap.
DOGE’s big rally reflects the extremely bullish climate of crypto markets in general today: The Nasdaq listing of Coinbase’s COIN stock, the leading cryptocurrency exchange in the United States, contributed to the excitement and record rise of Bitcoin (BTC) and Ether (ETH) this week.
However, the parabolic trajectory movements of the price of the “joke” coin also potentially reflect the constant support of the coin by high-profile celebrities like Elon musk, Snoop dogg, Gene Simmons and others. Musk’s role in raising the profile of the coin was so striking that it even sparked rumors in February this year of a possible investigation by US securities regulators about his possible influence on the price of Dogecoin.
The coin has gathered a following in all corners of the media, sports and entertainment spheres. In a tweet posted Wednesday, Mark Cuban noted that the Dallas Mavericks supply store has seen a 550% increase in transactions on DOGE over the past month. “Now we have sold more than 122,000 Doge in items“, revealed. Already at the beginning of March, Cuban he claimed what the basketball team merchandise store had become the “world’s largest Dogecoin trader”.
In one more sign of the good disposition of your fan base, r / Dogecoin was the third most active crypto-related group on Reddit earlier this month, second only to the prominent r / CryptoCurrency and r / Bitcoin groups, according to research by Messari’s Mira Christanto.
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