Hey guys, the OG meme cryptocurrency Dogecoin (DOGE) has been the best performing asset over the past few days. What started out as a joke has now become a major player in the crypto community.
DOGE's market value surges to $60 billion
On November 10, the altcoin created a storm, and the market value of Dogecoin exceeded 34.7 billion US dollars, surpassing XRP in one fell swoop and becoming the seventh largest cryptocurrency by market value. This soaring performance made investors full of expectations for Dogecoin.
Today, it is still rising. As of press time, Dogecoin is now quoted at $0.4145, with a market value of $60 billion, an increase of 46.8%, and the trading volume in the past 24 hours is $31.9 billion, up 53.20% from a day ago. The highest and lowest prices of Dogecoin in the past 24 hours were $0.4193 and $0.2776 respectively.
Dogecoin (DOGE) has increased by 144.10% in the past 7 days, and has increased by 30.30% in the global cryptocurrency market. Compared with similar cryptocurrencies, it has increased by 34.50%, which is superior. It may break through $1.
The reason why DOGE is popular all over the world
First, it has a good cultural background - tipping culture. Doge, as an electronic currency, was born on December 12, 2013. It became the second largest tipping currency within just one week of its launch. Many people participate in Dogecoin transactions not for speculation, but as a way to express sharing and gratitude.
Second, it has a good humanistic background - charity culture. Doge has been widely used in charity. After helping the Jamaican bobsled team and three Indian athletes to embark on the journey to the Sochi Winter Olympics, the "Doge4Kids" charity fundraising event donated all the proceeds to the 4Paws For Ability charity. It is understood that the Dogecoin Foundation has sponsored another 30,000 US dollars to solve the water crisis in Kenya. This has to be said to be another charitable event done by Dogecoin that deserves praise.
Third, the popularity index is relatively high. Since its launch, the meme coin category has always ranked first, exceeding the trading volume of all other altcoins. Large trading volume and good liquidity are an important manifestation of the value of virtual currency.
Dogecoin’s rise and its connection with Musk
Dogecoin has begun to rise in recent weeks as Tesla and SpaceX CEO Elon Musk — a well-known Dogecoin fan who has often driven up the price of Dogecoin through his actions over the years — has become more active in supporting Donald Trump and even ran on the campaign trail with the current president.
When Musk talked about Trump’s proposed Department of Government Efficiency, or D.O.G.E., which could be led by the tech mogul, the topic fueled Dogecoin’s upward momentum, sending the currency’s price to multi-month highs.
Now, with Trump's victory a foregone conclusion and the broader cryptocurrency market surging on the Republican candidate's numerous crypto-industry promises, Dogecoin traders are in a frenzy, with the currency rising to heights not seen since 2021.
Since the US election, the price of Dogecoin has been rising all the way, attracting the attention of a large number of investors, even to the current price of $0.4145. This is inevitably due to the boost from Bitcoin rising to the $90,000 mark.
DOGE will break through $1
In the view of F2Pool co-founder Wang Chun, Dogecoin may rise to $1. Today, Wang Chun posted that if the price of DOGE rises to $1, he will buy a Mars exploration mission and name it "Marsrise".
Summarize
Therefore, judging from the current rise of Dogecoin, it may break through $1. At this critical moment, investors should remain rational and pay close attention to market dynamics and policy changes in order to better grasp market opportunities and deal with potential risks.
Let us look forward to DOGE and the entire Meme coin market creating more miracles in the future!
