At the crypto market, there is a huge elephant in the room — or more precisely a dog: Dogecoin is taking the top coin list by storm. The escape to the front stands on shaky feet.
After the Coinbase frenzy, the crypto market shifts back down a gear. The total market capitalization remains at just under 2.3 trillion US dollars, with the workhorse Bitcoin showing some feathers on a daily basis. Initial profit-taking causes the BTC rate to slide 2.3 percent to $ 61,870. But when Bitcoin takes a break, the time for Altcoins strikes. There is currently one thing that cannot be avoided: Dogecoin.
Dogecoin has literally exploded since the 10-cent mark on Wednesday. In the last 24 hours alone, the DOGE rate has risen by 86 percent and has once again set a new record of 0.28 US dollars on the way. The weekly balance reads even more impressiv,e with a plus of 315 percent. But at the latest, when looking at the annual performance, one gets dizzy: loyal Doge investors were able to reap a return of 13,052 percent in one year.
Dogecoin has worked its way steadily in the last few weeks and has now conquered the 8th largest cryptocurrency. In just seven days, DOGE capitalization has increased by $ 25 billion to currently $ 31.6 billion. With this, Dogecoin has clearly left Litecoin and Uniswap behind. The gap between the new number 8 and the pursuers is more than $ 10 billion. If there is no massive wave of sell-offs, Dogecoin should establish itself on the rank domestically. For the next space, however, investors have to dig deep into their wallets again. There is also a difference of 10 billion US dollars compared to №6 Polkadot.
The Dogecoin performance currently stands for itself, the remaining top coins book moderate price reductions after the record increases of the last few days. Ethereum falls 2.3 percent on a daily basis. However, there can be no talk of a downward trend. Only today was the second-largest cryptocurrency able to set a new all-time high of $ 2,544.
Binance Coin (BNB) is fighting with a larger minus of 6.5 percent compared to the day, XRP is also slipping back by 5 percent. Uniswap also leaves 4.5 percent, while the losses at Cardano (ADA) and Polkadot (DOT) are limited with 2 and 1.2 percent price discounts. In addition to Dogecoin, only Litecoin can show a daily plus at the time of going to press, but that at 4.3 percent in a few dimensions below the DOGE increase.
However, the daily losses cannot tarnish the overall impression. The crypto market is still on an upward trend. On a weekly basis, almost all important cryptocurrencies increase significantly.
The Dogecoin explosion is currently unparalleled. Although DOGE is still stuck with the “fun coin” stamp, investors have been pumping market capitalization up for months. Despite brief setbacks, the growth curve shows hardly any cracks. Younger investors, in particular, seem to have found a promising investment in Dogecoin and are not deterred by factors such as an unlimited amount in circulation. The fact that the holdings are largely scattered over a few wallets does not seem to be an exclusion criterion for investors.
The radiance of Elon Musk is enough to put supposedly worthless coins on the list of the largest crypto assets. Just yesterday, a Musk tweet caused a price explosion. It is doubtful whether the semi-ironic Twitter messages from the Tesla boss are the best basis for sustainable growth. How long the rally lasts depends largely on the favor of the DOGE foster father and could therefore not stand on thinner ice. The blistering is homemade. It remains to be seen how many investors will remain loyal to Dogecoin with greater profit-taking.
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Disclaimer: These lines are not a substitute for investment advice, investments in the crypto market are made at your own risk. Invest only as much as you are willing to lose. I get commissions for purchases made through links in this post.