The cryptocurrency that started as a joke primarily based off of the “doge” meme has now rallied 1,905% this yr, with assist from high-profile backers like Elon Musk and Snoop Dogg.
Dogecoin wasn’t the one coin to succeed in new heights Tuesday. Bitcoin soared to an all-time high above $63,000, whereas Ether hit a new record above $2,200. In the meantime Ripple’s XRP token surged 28% to its highest level in over three years.
The present stage of the bull market cycle and Coinbase’s direct listing later this week are seemingly pushing dogecoin and different cryptocurrencies increased, stated Adam Levine, managing director of podcasts and audio at Coindesk, who added that there sometimes is not only one issue that drives up the value of the meme token.
“One of many issues that is attention-grabbing about doge is that every time there’s type of pleasure round cryptocurrency, individuals who do not actually know loads about cryptocurrencies get pulled into the doge ecosystem,” Levine advised Insider. “And that is partly as a result of it is cute, and it isn’t intimidating. It is partly as a result of the tokens are very low cost.”
Momentum is also pushing up dogecoin’s value proper now, he stated. Lots of early backers of dogecoin thought-about it “lifeless” coming into this yr, and the coin’s wild rally was largely sudden. Now that the value has stayed elevated, it seems to be ticking increased when the broader crypto market positive factors.