Dogecoin flies to $0.69, it is now the fourth-largest crypto!
Dogecoin is now the fourth largest crypto! After this week’s price rally, the meme crypto is now on the fourth spot in the largest cryptocurrency list.
The trading craze on “people’s cryptocurrency” Dogecoin fueled the meme coin to a new all-time high of $0.69.
DOGE currently trades at around $0.65, up to 20% and 113% from the past week. However, the token set a new price record of approximately $0.695. This Dogecoin proponents’ dream of “pumping it to $1” even closer.
Remarkably, $0.69 is the price target for an artificial “pump” that a lot of traders have been promoting on social media in the last couple of weeks. It started on “DOGE Day” on April 20. DOGE day has been a fail, but since then, the coin’s listing on Gemini has propelled the cryptocurrency’s market cap to over $86 billion.
DOGE Soars Up to the Top Ranks!
Because of this, DOGE has been the fourth-largest crypto, tailing behind Bitcoin, Ethereum, and Binance Coin. While they are enjoying an upward price action in the past weeks, Dogecoin outpaced most of it. It is a “special case”, commented Ben Weiss, the CEO of CoinFlip.
He contended that some factors in the overall crypto bull market have added to its rise. “One of which is the embracement by prominent figures, such as Elon Musk, who has frequently posted on Twitter about the coin and caused significant price movements,” Weiss continued.
Meanwhile, Dogecoin’s boosted market cap made it the 143th-largest asset in the world. The latest move allowed DOGE to soar in rank by 48 positions in just a day.
Weiss added that the Dallas Mavericks, a basketball team owned by billionaire Mark Cuban, started accepting DOGE payments on their website in March, “showing that it can be a viable currency.” It has become easy to buy DOGE via exchanges, apps, or crypto ATMs.
“Finally, momentum in online forums has caused a flurry of investment as people aim to ‘pump Doge’ to the price of $1. Many people view Doge as the ‘people’s cryptocurrency’ because it was created as a joke,” Weiss continued.
What’s more for DOGE?
Data also showed that a current trading activity that pushed DOGE’s price to its new all-time high looks artificial and made by crypto whales.
Dogecoin’s total number of transactions in the past 24 hours was lower than Bitcoin or Ethereum. The imbalance could be elaborated by the fact that one DOGE transaction value amounted to $629,000 on average. Ethereum’s transaction value was only $9,559 in the same time.
Although, some data show that Dogecoin isn’t quite the “people’s cryptocurrency” that its enthusiasts claim. One address holds 28% of Dogecoin’s total supply, and a dozen addresses own 18%.
It implicates that 46% of the existing DOGE is in the hands of only 13 addresses, while 108 wallets have 66% in total.
📣 Cryptonetwork.News is now on Telegram. Click here to join our channel and stay updated with the latest Cryptocurrency, Blockchain, and Cryptomining headlines
No Comment