Dogecoin has reached $0.69, which is its highest coin value yet. When you consider Dogecoin's growth as a percentage and its market capitalization, the crypto coin has become the fourth largest cryptocurrency in the world.
Dogecoin Becomes the Fourth Largest Cryptocurrency
Although $0.69/coin makes Dogecoin much less valuable than larger cryptocurrencies such as Bitcoin, this is the highest price that Dogecoin has reached so far. And the new price means that Dogecoin has achieved a 13,600 percent growth in the year-to-date.
Data from CoinMarketCap, a crypto monitoring site, now shows that the coin has achieved a total market capitalization of roughly $80 billion.
While this value constantly fluctuates, the fifth-highest value coin has a market capitalization of roughly $75 billion. So as long as Dogecoin stays ahead of XRP's value, it will keep its place. To move up to third spot, Dogecoin would need to achieve a market capitalization of roughly $99 billion, which is quite a way off.
NB: All figures quoted were correct at the time of publication.
All currency values are volatile, but especially cryptocurrencies. It would be hard to estimate how long Dogecoin might stay in its current position of the fourth largest cryptocurrency. But with internet culture continuing to push the coin, it seems like the coin could rise further.
What Is Dogecoin?
Dogecoin is a cryptocurrency that was established back in 2013. The coin was initially intended as a bit of a jokey crypto coin that would appeal to a broader demographic. However, in 2020, internet users did what internet users do best, and Dogecoin became an internet meme.
After attracting attention on social media platforms such as Twitter and TikTok, people set the goal of Dogecoin achieving a coin value of $1. Many celebrities, such as Elon Musk, have also notably supported the coin.
Many further internet memes have been created regarding the coin, with fanatics wanting to send the coin "to the moon" by achieving the target. Dogecoin purchasers are also known to "HODL," which means to hold on for dear life and not sell the coin.
Industry experts have criticized the coin for its high market capitalization and popularity, with many believing the coin has been massivelyover-valued. Dogecoin fans vehemently dispute this claim, and the coin has continued to rise in value.
To the Moon... Maybe?
Fans of Dogecoin and internet meme creators seem intent on continuing to raise the value of the crypto coin. Whether or not the coin will go "to the moon" and reach its coveted $1 coin value remains to be seen.
But regardless of your view on the crypto coin, Dogecoin is making history and is well on the way to becoming one of the dominant cryptocurrencies.
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