The price of Dogecoin (CRYPTO: DOGE) has soared by 90% in the last 24 hours alone.
Dogecoin is currently the eighth largest cryptocurrency in the world, with a market cap of US$23.4 billion (AU$30.4 billion) at its current price of 24 cents.
That’s according to CoinMarketCap numbers, which also tells me that, while Dogecoin isn’t listed on Coinbase Global Inc (NASDAQ: COIN), you can buy it there.
you can turn to crypto exchanges Binance, Huobi Global, OKEx, FTX, or CoinTiger, among others.
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What is causing the Dogecoin price to skyrocket?
You could have bought a single Dogecoin for less than half a cent on January 1st of this year. Or, to be more accurate, 0.469 cents.
The Dogecoin price is 54.7 cents at the time of writing – and it changes almost minute by minute. Since we awoke to celebrate the new year, that’s a benefit of – wait for it – 4,996 percent.
The Bitcoin price, by comparison, is up a more sedate 118% so far in 2021. So, what’s driving the Dogecoin price to the moon? Certainly, Dogecoin has benefited from the broader cryptocurrency bull run of late, which have driven Bitcoin and Ether (the number 2 crypto by market cap) to new record highs as well. That bull run can be attributed to a wider involvement in cryptos by institutional investors, alongside growing investor unease that central bank and government stimulus efforts will see a surge in inflation in global fiat currencies. On the institutional side, this week’s listing of crypto exchange Coinbase on the tech-heavy Nasdaq offered a boost for most of the leading digital assets.
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The influx of billionaires
Let’s not forget about Elon Musk.
When the founder of Tesla Inc (NASDAQ: TSLA) revealed that Tesla would embrace Bitcoin for its vehicles earlier this year, he was credited with helping to boost Bitcoin’s price. And that instead of exchanging the Bitcoin for dollars, the company will keep them.
Musk is also credited with giving the Dogecoin price some heavy tailwinds.
On 1 April (yes, April Fool’s Day), the Tesla billionaire tweeted “Doge Barking at the Moon”, along with an image of just that. The implication was widely believed to mean that Musk expected the Dogecoin price to rocket. As indeed it has. Speaking of billionaires, let’s not forget Mark Cuban. He’s the owner of the US basketball team, the Dallas Mavericks. His NBA team began accepting Dogecoin for payments last month. On Wednesday, 14 April, Cuban looks to have stirred the coals under the Dogecoin price when he tweeted:
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A bit of history
Dogecoin was created by the US’ Billy Markus and Australia’s Jackson Palmer. The company emerged from (or was forked from, in crypto parlance) Litecoin in 2013. Based on a dog meme, they intended the altcoin to be a light-hearted version of the more serious cryptos, like Bitcoin.
Unlike Bitcoin, which is capped at a total final supply of 21 million once the last virtual coins have been mined, the Dogecoin supply is uncapped. That means potentially an unlimited amount of Dogecoin could be mined.
What that will mean for the Dogecoin price longer-term, remains to be seen.
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