Dogecoin Surges Over 300% in a Week as Bitcoin Rally Cools Down

Dogecoin Surges Over 300% in a Week as Bitcoin Rally Cools Down

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Key Takeaways

• Dogecoin soars to nearly 30 cents in an aggressive rally over the last 24 hours
• Ethereum outpaces bitcoin this year, moves to a new all-time high today

The cryptocurrency market still has room to keep rising. A largely unexpected and surprising move in the cryptocurrency created as a joke, Dogecoin, has skyrocketed the token to a new all-time high near 30 cents. Dogecoin is an open-source cryptocurrency created in 2013 as a joke, based on a popular meme featuring a Shiba Inu dog. Now the same meme coin is worth over $35bn.

For the past week, the Shiba Inu-themed crypto asset has gone full steam ahead, advancing more than 300%. Dogecoin was trading at a little over $0.06 a week ago when, along with the whole crypto market moving higher, Dogecoin’s price started to climb aggressively to reach a high of $0.29. The price has subsided a little but remains well bid, currently trading at $0.25.

This year, the meme coin was extremely popularized by the Tesla CEO, Elon Musk. Tesla’s boss has been tweeting about “putting a dogecoin on the moon”, “who let the doge out”, “no highs, no lows, only doge” and other dogecoin-related comments. His outspoken support for the cryptocurrency shot its popularity to sky-high levels. At the start of the year, Dogecoin was trading at less than half a cent. To date, the price has risen 75 times or 7500%. In contrast, bitcoin has advanced 100% to double its value for the same period.

Dogecoin: The Joke That’s Being Taken Seriously

Dogecoin, according to its founder Billy Markus, was created for no real purpose other than being a joke. With a market cap of nearly $40bn, Dogecoin is worth more than Nasdaq Inc., valued at $26bn, more than Barclays, valued at $31bn, and more than Logitech, Royal Bank of Scotland, or United Airlines.

Meanwhile, bitcoin is moving lower on Thursday. The largest crypto asset in the market wobbles today, following a strong move up that resulted in a new record high. Bitcoin climbed strongly throughout the second week of April and reached an all-time top of $64,850 on Wednesday. Since then, the price has been trading sideways and to the downside. Currently, at $61,500, bitcoin is trading over 5% lower from its peak.

Ethereum, the second-largest coin, made a new historical high today. The crypto asset ether spiked to a high of $2,550 early on Thursday. Buying momentum has eased since and the coin is now floating around $2,420. Ethereum has been outperforming bitcoin this year by advancing more than 220% since the start of January. For April, ether has climbed roughly 30% to the current market price, whereas bitcoin is up less than 5%.

The whole crypto market has enjoyed increased inflows of cash recently as its value has inflated to an all-time high of $2.2tn. Bitcoin, as the largest asset, now holds about $1.15tn of that market cap or a 52% share.