Dogecoin’s growth has already been super impressive and many proponents expect it to grow even more.
Supported by Elon Musk, the Shiba-Inu-themed coin, Dogecoin (DOGE), has been on the rise for days. Musk has installed himself as one of DOGE’s main defenders, often using his tweets to increase sentiment around the digital currency. Elon Musk will participate in the upcoming Saturday Night Live (SNL), and many are projecting the words of the head of the electric carmaker to double his interest in cryptocurrency, a move that could send the currency’s peak price up even higher.
Dogecoin is gradually becoming more than a joke it was meant to be, and its growth of more than 10,000% in 2021 alone has set a highly ambitious path for it so far. The currency has not only skyrocketed to become part of the top ten cryptocurrencies in terms of market value, but is also climbing the ladder ambitiously. At the time of this writing, Dogecoin was ranked as the fourth largest cryptocurrency by market value.
In the past 24 hours, Dogecoin rose more than 20% to $ 0.66 on top of 115.59% growth last week, according to data from CoinMarketCap. Dogecoin’s continued rise has complemented bullish rallies made by a number of altcoins, all of which have combined to reduce Bitcoin’s dominance in the global cryptocurrency market.
Great defenders increasing market acceptance
The retail FOMO, an acronym for the fear of losing, in the ongoing Dogecoin price pump had a unilateral effect in pushing the asset’s price up. While the impact of retail investors cannot be ruled out in Dogecoin’s growing valuation, the role of other major proponents, including Elon Musk and Mark Cuban, is also invaluable.
Cuban, for his part, followed an evangelical path, advocating the widespread adoption of Dogecoin as a payment method, a move that his NBA team, Dallas Mavericks, pioneered. Cuban even called Robinhood, for its restrictions on allowing withdrawals and the ability to spend Dogecoin purchased on its platform. From the criticisms, there is a likelihood that the commission-free trading platform will integrate withdrawals for DOGE and its supported cryptocurrencies in the near future.
The stimulated sentiment about Dogecoin, championed by Musk and Cuban, as well as others, prompted many retailers to start accepting Dogecoin. This movement is practically increasing the usefulness of the currency and its appreciation.
How high can Dogecoin go up?
Dogecoin’s growth has already been super impressive, and many proponents are wondering how high the currency can climb. With its current ranking as the fourth largest cryptocurrency, at a price of $ 0.6, many believe that a continued rise toward and above the $ 1 mark could push it to overtake Binance Coin (BNB) as the third largest digital currency, a feat that Billy Markus would not have foreseen when creating the virtual asset in 2013.
Digital currencies, however, are very volatile and prices are generally not stable. Achieving a higher rating through increased price appreciation is one thing, but maintaining the rating is another. The growing ecosystem around the currency, however, is seen by many as the basis for more stability for DOGE in the near future.