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July 1, 2022
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Dogecoin reaches 3.5% of the crypto market

The Dogecoin meme coin reaches 3.5% of the cryptocurrency and grew more than 27.258% in the past year alone.

Dogecoin (DOGE) it has outgrown almost all assets, real estate, stocks or even most cryptocurrencies that mankind has ever known. The meme token has traded at more than $ 0.77 to date, reaching a market capitalization of up to $ 90 billion.

For reference, it is bigger than the National Bank of Australia, the American beer maker Heineken, the Japanese game maker Nintendo, the German automaker BMW and the Indian information technology giant InfoSys.

In fact, Dogecoin is the 170th most valued capital asset in the world according to this list. Not bad for a joke cryptocurrency that has no active development and has no specific use case other than the existing one (it does, however, have a faster transaction time than many large cryptocurrencies and lower transaction fees).

Dogecoin and the estimates

According to the CoinGecko market tool, Dogecoin has increased by more than 784,754.0% since it was launched in 2013. This means that every $ 100 would have turned into $ 121,000 today (traded at $ 0.68).

And if someone put in $ 100 when Dogecoin dropped to $ 0.00086 in May 2015, it would be worth $ 767,000 today, jaw-dropping and stunning (I can’t help but imagine investing $ 1,000 or $ 10,000 at that time ).

As such, the currency rose 54.2% the previous day, 150.3% last week, 108.8% in the last two weeks, 1074.7% in the previous month and over 27258.4% last year – making it one of the best “investments”, if someone had bet.

The market capitalization is over $ 88 billion to date, less than half of Ethereum ($ 379 billion) and less than a tenth of Bitcoin ($ 1 trillion). The DOGE price charts, like the one shown below, are almost vertical.

DOGE / USD VIA TRADINGVIEW

In the meantime, some are expressing caution at these levels. “You know, it’s a functional network, so we’ll give you that credit (it works). But there are no real users, no developers building on it ”Said Blockchain Capital general partner Spencer Bogart in a recent interview.

He referred to Tesla CEO Elon Musk’s continued passion for Dogecoin as one of the catalysts for the asset’s price-performance: “He likes jokes. You know, he’s a fun guy. He likes memes and Doge is the perfect target for that ”Said Bogart.

Nobody is going to complain as long as she is valuing.

Source: Cryptoslate

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