Dogecoin price surges more than 100% in the last 24 hours, reaching an all-time high of $0.3.
The Jokecoin is no joke anymore as its price starts to rocket to the moon. Dogecoin’s market cap has now reached a whopping $38.9 billion and it has the attention of people in and outside of the crypto world.
People got very interested in it after Elon Musk’s Dogecoin Tweets but the hype was not long-lasting and they were ready to give up on it. The recent spike in Dogecoin price, however, has everyone excited again.
What caused the Dogecoin Price Spike?
The cryptocurrency’s behavior since February was an indicator that something interesting was going to happen. Something quite different from other cryptocurrencies like Bitcoin and Ethereum & the recent performance has certainly proved that.
So why is this happening? Well, part of it could be the Coinbase IPO. It is paving way for the legitimization of cryptocurrencies. We recently witnessed Bitcoin price breaking records too amid the Coinbase IPO hype.
The Dogecoin price spike can also be attributed to Tesla CEO Elon Musk’s recent Tweet that supported Dogecoin.
Doge Barking at the Moon pic.twitter.com/QFB81D7zOL
— Elon Musk (@elonmusk) April 15, 2021
What is the Future of Dogecoin?
Every time the top 10 cryptocurrencies break records, some fear a crypto bubble that will soon pop. However, taking into consideration Bitcoin and Ethereum’s success and the growth of the crypto space in general, I think Dogecoin price will continue to rise throughout 2021 if it keeps following the same trajectory.
Also, as long as the retail investors continue to pour money into it, it will keep growing. It’s similar to GameStop stock that spiked due to WallStreetBets.
The fact that Dogecoin is leading up to a peak price does not necessarily mean that it’s a bubble. The crypto space is constantly growing, it’s getting more accessible, and so many platforms such as Coinbase are being developed to support cryptocurrencies.
With the arrival of Coinbase to Wall Street, Bitcoin ETF applications being approved by the SEC, and institutions buying into it, the future of Dogecoin and cryptocurrencies, in general, seems bright.