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The Dogecoin euphoria continued until April 17 with a capitalization that was even over $50 billion. That’s over, although the DOGE price remains high at over $0.30.
But what could explain this sudden interest in DOGE? The token was experiencing a euphoric trend last week. Over 7 days, its value soared by more than 300%. And the IPO of Coinbase alone cannot explain it.
The result is nevertheless impressive. On April 13, DOGE was trading at around $0.07. On April 16, it peaked at $0.00. On April 16, it peaked at $0.43. However, this price inflation came to an end during April 17.
This week nevertheless allowed Dogecoin to climb up the cryptocurrency hierarchy. After debuting in the Top 10, it continued its ascent. In 24 hours, its capitalization tripled.
As a result, on April 16, it reached $52 billion, more than the market valuation of major banks, such as Barclay’s, CoinDesk noted. DOGE ranked as the 5th largest cryptocurrency in the world.
However, the ebb began on April 17. Dogecoin is now positioned 6th in the hierarchy, still ahead of Bitcoin Cash, ADA or Polkadot. And the token did not suffer too much from the brutal correction on April 18.
As a result, the price of DOGE remains at a consistent level. On April 19 at 9:00 am, its price is about 0.34 dollars. Over 24 hours, it is up by more than 20%. But due to the trend on Sunday, this is the case of the main cryptocurrencies.
At the levels now reached by Dogecoin, it is difficult to confine it to the rank of a mere joke. Why not? The token owes its fame to a few prominent social media influencers, including Elon Musk.
Among the thousands of cryptos on the market, they helped DOGE emerge from anonymity and now sustain itself. And not only that. Its volatility makes it a risky, but highly rewarding investment.
The tokens have gained tremendous value in recent months, and even more so in recent weeks. In February, Dogecoin’s market capitalization reached $17 billion. By mid-April, it had climbed to over $50 billion.
However, that value could collapse just as quickly. Another cryptocurrency could emerge from social networks, generating memes like DOGE, until it eclipses it. Without associated uses and services, like Ethereum, this is a risk for many crypto-assets.