The Dogecoin rally started in the early days of January this year and has been going on. It looks like nothing can stop this rally. Some would say the rally started way back in 2014 when the Jamaican bobsleigh team raised $25000 in Dogecoin to get them to the the 2014 Winter Olympics in Sochi. To some, even though a joke-coin, Doge represented the true wild west nature of the cryptocurrency landscape.
Created as a meme coin back in 2013 by Billy Markus and Jackson Palmer, Dogecoin has now risen to a new highs. At the time of writing this article the price of 1 DOGE is $0.38.
From the beginning of last week till the end of this week the meme coin rallied for more than 400% according to CMC. None of the other cryptocurrencies has shown such a massive gain during this time.
Dogecoin replaces XRP in rankings!
For a short period of time today, the meme cryptocurrency replaced XRP from the number 4th position on CMC when its price reached a new ATH. At the moment its market capitalization is below $50 billion but it would not stay there for very long.
Beginning of this year the price of Dogecoin was just $0.0056 which has now reached $0.38. That is a considerable gain for anyone who bought it in the month of January this year.
What is causing the present rally?
The present rally started after cryptocurrency enthusiast and innovator Elon Musk took to Twitter and shared a tweet in favor of the meme coin, which resulted in a massive rally and everyone in the crypto community wanted to be part of it. Musk’s support for cryptocurrencies in general has already earned him a crowd favorite nick name “Papa Musk”.
What is still fueling this incredible pump has been confusing the crypto community but, those holding Dogecoin are very happy with its gain. Some have even speculated that it might reach $1 by the end of this month.
Some are expecting it to reach $1 by the end of this year and by the end of this month to reach $0.69. Whereas there are some who think it is a bull trap and this bubble can burst anytime now.
Dogecoin the Timebomb! #DogeBomb??
According to a recent post on Linkedin by a risk management platform, almost sixty-five percent of all Dogecoins are kept in just 98 wallets across the world. Around twenty-eight percent of all Dogecoins have been kept in a single wallet and almost forty percent of dogecoin supply is being controlled by just five wallets.
The post also confirmed that big holders known as whales would keep on holding the meme crypto until there was enough traction in the market and later on dump all the coins resulting in the bubble bursting. This imminent bubble burst and the lack of an actual use case for Dogecoin makes it a ticking time bomb according to many experts.
But, for now, nothing seems to stop it from reaching the moon. The meme coin has created a FOMO and everyone wants to be part of this incredible rally. that is what the cryptocurrency community feels.
Much Doge! Such Craze!