Dogecoin has continued to warm its way into the hearts of traders and investors alike in the market with the recent surge in the price of the asset. A digital asset that began as a joke has gone all the way up to become one of the most sought after, thanks to popularity by famous individuals in the sector.
Currently, the digital asset is trading close to $0.13, which signals that it has seen a rise of about 80% in the market in the last 24 hours. Also, the asset has been able to use the rise to increase its profit over the last seven days, pushing it close to above 100% in terms of profit.
The crypto market’s momentum is bullish
The price of the asset is not the only thing affected as it is with surges, with the asset seeing an increase to its market cap to guarantee its place in the top 10 digital assets. Doge’s recent move has showcased the bullish momentum currently in the market, with several coins notching new all-time high records in the last few days.
Top of the list is Bitcoin, with the digital asset moving up in the market to create a new all-time high figure with Ethereum following suit. Most of the analysts in the market have attributed the massive movement of the coin to the popularity it has gathered from popular individuals such as Elon Musk and Snoop Dogg.
The formers role in the shooting up of the digital asset sparked rumors sometimes back after the SEC was rumored to have gone after him for manipulation of the market. Sometimes back, Musk also mentioned that he was unhappy at how traders were hodling the asset, even offering them cash if they would sell some back into the market.
Dogecoin has a large fanbase
The coin has not only been faithful in the crypto sector and Snoop Dogg and Elon Musk, but it has also gone ahead to accrue new believers in every sector of the economy. In a recent tweet made by Mark Cuban, the famous CEO of the Dallas Mavericks, he mentioned that they had seen a rapid rise in transactions involving the coin on their platform in the last few days.
Cuban mentioned that users have been able to push the total increase to around 550% in the last month. He pointed out that they have been able to carry out transactions with Dogecoin worth about $122,000 in the process. Last month, the CEO claimed that the entity was gunning to become one of the biggest dealers of the meme coin.
To put it into perspective how extensive the fan base is, the digital asset groups are the most active group on Reddit over the last few months. However, the statistics mentioned that Bitcoin and crypto groups had seen a slightly larger trade than the coin.
Tokenhell produces content exposure for over 5,000 crypto companies and you can be one of them too! Contact at info@tokenhell.com if you have any questions. Cryptocurrencies are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by Tokenhell authors (namely Crypto Cable , Sponsored Articles and Press Release content) and the views expressed in these types of posts do not reflect the views of this website. Tokenhell is not responsible for the content, accuracy, quality, advertising, products or any other content or banners (ad space) posted on the site. Read full terms and conditions / disclaimer.
