In the past 10 days, Dogecoin (DOGE) has performed amazingly, rising by more than 500% and hitting a record high of $0.45. Its market value reaches US$50 billion, surpassing established financial institutions such as ING, Barclays and Credit Agricole.
Despite increasing concerns about the Dogecoin bubble, prices continue to rise. Dogecoin has recently become the fifth largest cryptocurrency by market capitalization after it has skyrocketed by more than 500% in the past week, surpassing Tether and Cardano.
Elon Musk, the CEO of Tesla and SpaceX, has posted many times on Twitter, pushing up this emoji-driven cryptocurrency.
Musk is not the only supporter of Dogecoin. A petition "Doge4Amazon: Ask Amazon to Accept Dogecoin as a Payment Method" has been signed by more than 130,000 people. The petition stated that Amazon currently does not accept cryptocurrency as a payment method, which prevents many people without traditional bank accounts from using it. Amazon.com should accept Dogecoin as a payment method. Dogecoin is fast, cheap and stable, has the lowest transaction fees of other major tokens, has a large supply of tokens, and has a large and active community that is constantly evolving.
Dogecoin rose from a low of $0.071 on April 13 to a recent all-time high of $0.46. It now appears that even a bear market cannot stop its moon landing plan.
This is naturally better than the rise of Bitcoin, Ethereum (ETH) and other currencies, but the question now is what will happen next and whether there will be an equally stunning reversal.
It is said that this time, Dogecoin enthusiasts tried to push the price to $0.69 by tomorrow.
#DogeDay420# rushed to the hot search list on Twitter, the owners of Dogecoin gathered together, and it may be possible to promote Dogecoin to break through 1 US dollar on April 20th!
The hype surrounding Dogecoin seems to be driven by the hashtag #DogeDay420#, which has taken over Twitter and Reddit. The cryptocurrency community tried to make April 20 the international day of celebration for DOGE by pushing it up to 0.69 USD.
The ultimate goal of the campaign is to get Dogecoin to $4.20 by June 9.
Many well-known analysts in the industry believe that such a large-scale bull market is impossible to achieve. Others believe that this is part of the whale's carefully planned plan to sell tokens to unsuspecting investors.
Although the Dogecoin community continues to support the goal of $1, many people do not realize that the current supply of $129.6 billion will increase by 20% in five years. Therefore, each USD 1 of DOGE will generate a market value of USD 156 billion, or twice the current valuation of Binance Coin (BNB).
If DOGE achieves this milestone, it means that the value of the cryptocurrency will now exceed that of companies such as Citigroup, Morgan Stanley, and Shell.
The Dogecoin Blitz confuses investors, and most crypto traders still cannot understand the rising trend of this cryptocurrency. A trader exclaimed on Twitter that DOGE is not a cryptocurrency. He further added that Dogecoin is too expensive and only new investors will buy it. If DOGE continues to rise and breaks through the $1 mark, it will become the third largest cryptocurrency after Bitcoin and Ethereum.
Image source: Twitter, Pixabay