Dogecoin has been ignored for the past months now, especially as Bitcoin and ether rise in stocks following Coinbase's nearing initial public offering, but the meme cryptocurrency also joins in with its 400 percent rise. Currently, Dogecoin sees a market value of a whopping $40B, which gained $20B in the past weeks only, making it a rapidly growing cryptocurrency.
"Dogecoin to the moon" has been popping up over Twitter, fans, and enthusiasts of the meme cryptocurrency continuously campaign for the digital form of money that has been one of the most supported. Initially, Dogecoin was a joke for most people, especially as it mostly appeared on memes that were supposed to rival the growing prominence of Bitcoin.
However, it was made into an actual listing within the stock market, which eventually made its way up to where it is today, joining the top 10 cryptocurrencies in the world for its high valuation. Dogecoin is known to be supported by one of the most prominent persons on the planet, and that is Tesla CEO Elon Musk, especially with his meme tweets that pertain to it.
How Much Is Dogecoin Now?
According to Yahoo Finance (via Coin Market Cap), the meme cryptocurrency is now worth $0.3739 (Apr. 16, 5 PM PST), which is a massive jump from its valuation earlier this week which was at $0.11. Yes, Dogecoin is only valued at cents or a fraction of the dollar, but its Market Cap is at more than $48 billion after it achieved a record-breaking high of 400 percent.
While there were no explanations as to why Dogecoin suddenly trended and grew in value, it was known that the 400 percent increase of the meme cryptocurrency is because of its massive fanbase online. However, experts still believe that Dogecoin is unstable, and it would create a potential bubble much like what it did with other cryptocurrencies.
Earlier this week, Bitcoin also saw a massive high on its value, topping at almost $63,000 per coin with its valuation, which came during the recent announcements for the IPO of Coinbase from Brian Armstrong. However, the price of BTC settled down to $61,000 now but is still one of the most highly valued cryptocurrencies of the era.
Dogecoin's 400 Percent Increase: Is it Alarming?
According to CNBC, this increase for Dogecoin alarms crypto experts as it creates a potential "bubble" that is piling up orders and shares, eventually popping when it reaches a certain point. The "bubble" popping is a potential loss of investment for people within it, especially as it would take away everything put into the cryptocurrency away.
Dogecoin is more unstable compared to Bitcoin, but experts are already considering BTC to also be on its "bubble" which has been seen with different surges and decreases for the past trends. Experts believe that Dogecoin may be up and mighty for now, but pulling out at the wrong time could result in major losses, more than what is expected.
This article is owned by Tech Times
Written by Isaiah Alonzo