Dogecoin Records Eye Popping 86% Gains Over Past 24 Hours.
2021-04-14 | Robin Williams
Dogecoin [DOGE] cryptocurrency continues
to ask both affectionate hype and thinly-concealed derision has posted
the very best gains
within the cryptocurrency market
in the week.
As of the time of reporting, the cryptocurrency is trading at a price around $0.137 USD - up an eye-popping 86% over the past 24 hours, and over 122% over the past 7 days. Its rally has secured
an area for the coin amongst
the top 10 cryptocurrencies by
market capitalization, consistent with
CoinMarketCap data.
DOGE's steep rise reflects the extremely bullish climate
within the wider cryptocurrency markets at present: today's Nasdaq listing of major American cryptocurrency exchange Coinbase's COIN stock has further fed into
the thrill, contributing to record-breaking rallies for both Bitcoin [
BTC] and Ethereum [
ETH]
in the week.
Yet the "joke" coin's parabolic price moves also potentially reflect the consistent endorsement of the coin by high-profile celebrities
like Elon Musk, Snoop Dogg, Gene Simmons along with others. Musk's role in raising the profile of the coin was so conspicuous that it even sparked rumors earlier in February this year of a possible investigation by United States securities regulators into his possible influence on Dogecoin's price.
The coin has gathered followers
altogether kinds of corners of the media, sports, and entertainment spheres.
During a tweet posted today on 14
th April, Mark Cuban outlined that The Dallas Mavericks' merchandise store has seen a 550% hike in transactions in DOGE over the past month. "We have now sold
over 122k Doge in merchandise," he revealed. Also earlier in March, Cuban revealed the
basketball team merch store had become the "
largest Dogecoin merchant
within the world."
Additionally, the sign of the health of its fanbase, r/Dogecoin was the third-most active crypto-related group on Reddit earlier this month, trailing only behind the prominent r/CryptoCurrency and r/Bitcoin groups,
consistent with research from Messari's Mira Christanto.
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