Dogecoin’s status as an adorable and meme-like cryptocurrency hasn’t stopped it from seeing some extreme, record-breaking price action during this week’s crypto market rally. Although many might see the altcoin as a bit of a joke, others such as Elon Musk and Mark Cuban have been very supportive of it.
Dogecoin (DOGE), the infamous meme-like coin that continues to elicit both affectionate hypes as well as thinly-veiled derision, had posted some of the cryptocurrency market’s biggest gains earlier this week.
Altcoins experience new ATH season
As of the time of this writing, DOGE is priced at approximately $0.137, which is an impressive increase of 86% within the last 24 hours and more than 122% in the last seven days. Also, according to CoinMarketCap’s data, the coin’s rally has earned it a place in the top 10 biggest cryptocurrencies in terms of market capitalization. Other altcoins in the top 10 also include ADA, XRP and BNB, all of which have experienced increases in price lately as well.
Furthermore, DOGE’s sharp rise represents the current highly bullish environment within the cryptocurrency markets. This is also due to Nasdaq’s listing of major American cryptocurrency exchange Coinbase’s COIN stock, which has definitely added to the hype, thus leading to record-breaking rallies for both Bitcoin (BTC) and Ethereum (ETH) earlier this week.
However, the ‘joke’ coin’s parabolic and sporadic price movements may also illustrate the coin’s consistent support by high-profile celebrities such as Snoop Dogg, Elon Musk, Gene Simmons, and others. Musk’s position in raising the coin’s profile was so prominent that rumours of a potential probe by U.S securities regulators into his possible impact on Dogecoin’s price circulated in February of this year.
Mark Cuban offers his support for DOGE
The coin has attracted supporters from all walks of life, including the media, athletics, and entertainment industries. Mark Cuban noted in a tweet today that the Dallas Mavericks’ merchandise shop has seen a 550% rise in DOGE sales over the past month. “We’ve sold over 122k Doge in merchandise,” he revealed. Early in March, Cuban reported that the basketball team’s merchandise store had been the ‘best Dogecoin retailer in the world’.
Moreover, r/Dogecoin was the third-most active crypto-related group on Reddit earlier this month, indicating the health of its fandom.
Cryptocurrencies have certainly gained increased popularity lately, and many hold their collective breath as the news around the Coinbase listing develops. There is an air of uneasiness and confusion surrounding the industry’s future, but one thing is for sure, and that is that the world of cryptocurrency has changed the socio-economic landscape of the entire planet.