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On Friday (April 16), heavy buying by retail traders is making the price of Dogecoin ($DOGE), the world’s favorite meme cryptoasset (and definitely Elon Musk’s favorite cryptocurrency) soar to such high levels that it is leaving many crypto analysts speechless.
For example, on crypto exchange FTX, currently (as of 03:40 UTC on April 16) Dogecoin is trading around $0.2691, which means that it in the past 24-hour period, Dogecoin has gone up an incredible 106.20%, giving it a market cap of around $35 billion, thereby making it the 8th most valuable cryptoasset (by market cap).
According to data by CryptoCompare, as of 03:50 UTC on April 16, Dogecoin is the #1 cryptoasset by 24-hour total trading volume (in USD) across all exchanges.
Dogecoin’s return on investment (ROI) vs USD for the past 7-day, 14-day, 30-day, and 1-year periods are 337.0%, 337.6%, 359.4%, and 13,753.1% respectively.
During the past few months, two billionaire have done a lot to help Dogecoin get to where it is today. These two people are Tesla CEO Elon Musk and Dallas Mavericks majority owner Mark Cuban. Both have talked numerous times about Dogecoin on Twitter and during interviews.
For example, Cuban sent out this important tweet on Wednesday (April 14):
FYI, the Mavs sales in @dogecoin have increased 550pct over the past month. We have now sold more than 122k Doge in merchandise ! 🚀🚀🚀 We will never sell 1 single Doge ever. So keep buying @dallasmavsshop https://t.co/li32cdtcED
— Mark Cuban (@mcuban) April 14, 2021
And Musk sent out the following tweet yesterday (April 15):
Doge Barking at the Moon pic.twitter.com/QFB81D7zOL
— Elon Musk (@elonmusk) April 15, 2021
Featured Image by “photo-graphe” via Pixabay.com
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a high risk of financial loss.