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Dogecoin Sets New All-Time High at $0.69 and Becomes 4th Largest Cryptocurrency by Market Cap | CoinCodex

Altcoins

coincodex.com 05 May 2021 12:59, UTC
  
Reading time: ~2 m

Key highlights:

  • Dogecoin set a new all-time high at $0.69 today
  • It is now the fourth largest crypto asset by market capitalization
  • Dogecoin might have benefited from recent listings on eToro and Gemini as well as speculation surrounding Elon Musk's upcoming SNL appearance

Dogecoin extends its rally to new highs

The Dogecoin rally is still going, and the popular meme cryptocurrency registered another all-time high today. The DOGE price spiked from $0.55 all the way up to above $0.690, where the bulls encountered some resistance. The coin is currently changing hands at about $0.644 after a moderate pullback. 

Thanks to its recent price spike, Dogecoin is now the fourth largest crypto asset on the market. DOGE is currently sitting at a market capitalization of $84 billion, ahead of XRP ($70.9 billion) and the world’s largest stablecoin USDT ($53 billion).

Dogecoin’s meteoric rise is primarily based on hype and investors promoting the cryptocurrency to others. The coin saw a massive increase in its valuation despite being more or less abandoned in terms of technical development.

Dogecoin has been benefiting from promotions by mainstream celebrities, most notably from Tesla and SpaceX CEO Elon Musk. Musk is scheduled to appear on the popular TV show Saturday Night Live on May 8, and Dogecoin fans have been speculating that Musk might mention the cryptocurrency during his appearance. Musk himself has also added fuel to this fire with the following tweet:

The Dogefather
SNL May 8

— Elon Musk (@elonmusk) April 28, 2021

The popular cryptocurrency was also recently listed by mainstream broker eToro and cryptocurrency exchange Gemini, making it more easily accessible to a wider group of investors. 

Mike Novogratz, the CEO of Galaxy Digital and one of the most prominent individuals in the cryptocurrency community, commented on the Dogecoin rally in a recent appearance on CNBC. Novogratz said that Dogecoin’s popularity is in part a reflection of the public’s general dissatisfaction with the financial system:

"When you think about the whole spirit of what this crypto revolution is, there’s something pure in what dogecoin has done. It’s a little bit of a middle finger to the system. People are unhappy with the current financial system. They just are."

However, Novogratz also warned that there could be a "long way down" for the Dogecoin market if the enthusiasm for the cryptocurrency subsides. 

A Dogecoin market crash could indeed reach massive proportions if it would be in any way symmetrical to DOGE’s rally – the coin is up an astonishing 24,508% in the last year.


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