Dogecoin’s Price has increased 400% in a Week.
Dogecoin is a $40 billion open-source peer-to-peer digital currency based on the “Doge” meme that gained popularity in 2013 as a joke. Dogecoin’s price has increased 400% since last week, raising concerns about a crypto market bubble.
Dogecoin is currently ranked among the top ten digital currencies.
Dogecoin’s total market value has increased by $20 billion in the last 24 hours. On Friday morning, the digital token reached an all-time high of 32 cents. This is not the first time dogecoin has seen such a massive rise. It, like other cryptocurrencies, has seen volatile price swings in the recent past.
It should be noted that Elon Musk has recently made several tweets about dogecoin, which has helped to drive up its price. Elon tweeted on Thursday, “Dog Barking at the Moon.” Elon Musk appears to favour dogecoin, though he also supports Bitcoin, as his company Tesla purchased $1.5 billion in Bitcoin earlier this year.
One wonders if the rise in popularity and price of dogecoin is a greater fool theory that could lead to the crypto bubble that many investors have openly discussed. People are investing in cryptocurrency in the hopes that the price will continue to rise and they will be able to make a quick buck.