Dogecoin Rockets Towards ‘The Moon’ — Meme Cryptocurrency Nears 70 Cents As Rally Continues

Dogecoin Rockets Towards ‘The Moon’ — Meme Cryptocurrency Nears 70 Cents As Rally Continues

Topline

The value of dogecoin soared to nearly 70 cents Wednesday morning as enthusiastic online traders continue to pile in on the ‘joke’ cryptocurrency, making it the fourth most valuable cryptocurrency and bringing the longtime goal of $1 a token within reach ahead of dogecoin champion Elon Musk’s anticipated appearance on Saturday Night Live this weekend.       

Digital Cryptocurrencies

Dogecoin is the fourth most valuable crypto token by market cap


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Key Facts

At the time of writing, dogecoin was trading at around $0.67 a coin—down slightly from an all time high of $0.69 earlier this morning.

The price per token was up 37% from this time the previous day, and has risen 147% over the past week.

Dogecoin’s market cap now sits at around $86.7 billion, up from $69 billion yesterday.

At its current value, dogecoin is worth more than food and drinks giant Mondelez, FedEx and British American Tobacco.

Trading app Robinhood crashed Tuesday when a spike in dogecoin prompted high levels of user activity, prompting outcry from frustrated users given that this is second time this has happened.    

What To Watch For

Tesla CEO Elon Musk, a longtime fan of dogecoin, is hosting Saturday Night Live this week. The billionaire has whipped up doge-related interest on social media by promising to incorporate the meme into his appearance. Some of the biggest spikes for dogecoin have come after the token was mentioned by Elon Musk on Twitter, messages that were often accompanied by memes.

Key Background

Dogecoin was initially created as a joke in 2013, mixing together cryptocurrency and the popular Shiba Inu doge meme. Support from billionaires and celebrities—including Musk, Mark Cuban and Snoop Dog—along with its dual status as a meme when Reddit-fueled retail traders pumped into GameStop meme stocks, allowed it to persist and grow in popularity.   

Further Reading

‘Joke’ Bitcoin Rival Dogecoin Found To Have ‘Remarkably Strong Fundamentals’ As The Price Hurtles Toward $1 And A $100 Billion Market Cap (Forbes)

The history of Dogecoin, the cryptocurrency that surged after Elon Musk tweeted about it but started as a joke on Reddit years ago (Business Insider)

Dogecoin Blasts Through 50 Cents Barrier To New All Time High (Forbes)

‘It’s Doge Time’: Dogecoin Surges As Reddit Traders Push To Make It The Crypto GameStop (Forbes)

Dogecoin Is Soaring—Near 10 Cents For First Time (Forbes)

‘I Am Become Meme, Destroyer Of Shorts’: Dogecoin Soars Again As Elon Musk Returns From Self-Imposed Twitter Exile (Forbes)

Dogecoin Skyrockets To All-Time Highs Reaching $52.2 Billion Market Cap As Robinhood App Reports Outage Issues Due To Heavy Cryptocurrency Trading (Forbes)

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