The cryptocurrency Dogecoin, which started as a fun currency, is currently going through the roof. The Parodie Coin is currently in a rally that is almost unique even for the highly volatile crypto market. Within a week, the Dogecoin price rose by more than 400%. We give you all the information about the new Dogecoin madness.
In 2021, some Alt-Coins will experience a strong bull market. Until a week ago, this also included Dogecoin. The fun currency already experienced a ten-fold increase in value between the beginning of the year and the beginning of April 2021. This made it one of the fastest-growing coins in 2021.
But in the last week, we experienced another rally that is second to none. Between April 9 and April 16, Dogecoin rose over 400% to $ 0.43. This represented a new all-time high and underpinned the success story of the coin, which actually only served to entertain Bitcoin fans.
The fact that Dogecoin will become one of the best-known and most successful cryptocurrencies was by no means planned beforehand. The founders initially only wanted to create a parody of Bitcoin. However, the cryptocurrency steadily gained in popularity and already rose to the top 100 cryptocurrencies during the last big bull market.
The fact that Dogecoin is going through the roof is also due to regular mentions and recommendations from celebrities on social media. The rappers Snoop Dogg and Lil Yachty tweeted about the Parody Coin. Furthermore, Mark Cuban, the owner of the Dallas Mavericks basketball team, stated that his team accepts Dogecoin as a means of payment for tickets and merchandise.
The fact that Dogecoin and other Alt-Coins are experiencing a strong upswing is mainly due to the IPO of the Coinbase trading platform. This was first listed on the American NASDAQ this week. According to preliminary figures, Coinbase’s revenues rose from $ 190 million to $ 1.8 billion in the first quarter of 2021.
Bitcoin also benefited from the IPO and comfortably rose above $ 60,000. This level has long been strong resistance for Bitcoin, which has not been as bullish since March as it was in the first 2 months of the year.
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