Dogecoin, the ironic meme-based contender to bitcoin that has surged over 20,000% in the past 12 months, is still gaining traction.
The price of dogecoin has surged 130% over the past week, hitting a high of 69 cents as the hype builds up in front of Tesla.
Now that trading platform eToro and cryptocurrency exchange Gemini have added support for dogecoin, Bitcoin and cryptocurrency researchers have released a report that found that memcoin has “extremely strong underpinnings” and warned that dogecoin “should not be ignored.”
“Dogecoin has an amazingly strong foundation and powerful forces underpinning its growth: a true origin story, longevity and a growing community of users who seem determined to create shiba-inu-themed global currency memes,” Galaxy Digital Research said under named Dogecoin. : The most honest sh * tcoin authored by the head of Galaxy research company Alex Thorne – read it.
“We do not expect dogecoin to become the most valuable cryptocurrency in the world anytime soon, but doge should not be ignored.”
Dogecoin price skyrocketed by a fraction of a cent in January amid support from billionaires, YouTubers and rock stars, with Dogecoin supporters now within sight of their $ 1 target per dogecoin token.
Dogecoin, which was created in 2013 as a “joke”, has risen in the cryptocurrency rankings this year and is now the fourth most valuable digital token, behind only Bitcoin, Ethereum and BNB, a token issued by the Binance crypto exchange. The market cap of dogecoin, the combined value of 129 billion dogecoin tokens in circulation, has grown to nearly $ 90 billion.
“Right now, the price of dogecoin is on the rise due to its following ‘retail rebel-Reddit’: it costs so little that retail investors can hold a lot of dogecoin; he also took on the “rebel” role that bitcoin used to play (two fingers to the establishment); and it enjoys the backing of the same Reddit forces that have taken on large institutional investors with GameStop
“This is a low-cost investment with high risk and huge return potential that cannot be found anywhere else at this time.”
Elon Musk, who embraced dogecoin with enthusiasm after being elected CEO of Dogecoin in a 2019 Twitter poll, in February said “The most interesting outcome is the most likely.”
When it comes to bitcoin and cryptocurrency, he may have been right.
“In our opinion, the current volatility of dogecoin is fueled by mania, but it is likely that dogecoin will continue to be a part of this cryptocurrency history in the long term, always in the shadow of bitcoin, but always lurking and periodically ahead to surprise us all,” Galaxy researchers wrote, adding that “Dogecoin’s longevity is assured as long as one truth persists: people love good jokes.”