Dogecoin (DOGE) had just reached yet another milestone when it managed to break its previous all-time high record and is currently sitting at a price of $0.7. The ATH itself had been set at the $0.74 mark, and the altcoin inches ever closer to reaching $1, a goal that many would have presumed was next to impossible for the ‘joke’ cryptocurrency.
The new ATH has had its success be heavily associated with Elon Musk and his continued support. Most recently, Elon’s scheduled appearance for SNL (Saturday Night Live) is said to be greatly influencing the direction of Dogecoin, as he has confirmed that he will be talking about it on the show, which is sure to bring even more mainstream attention to the world’s most popular cryptocurrency at the moment.
DOGE keeps rising
Thanks to constant engagement via social media, there is much anticipation as to how Elon is going to go about mentioning DOGE on SNL. This is because cryptocurrencies have not always had the support of the public, but that could all change thanks to Dogecoin and the seemingly endless abundance of mainstream support behind it. Furthermore, DOGE had begun as a sort of a joke back in 2013, and even its creators could not have foreseen just how significant it would become over the course of the next ten years. It had started trading at approximately $0.005 at the beginning of 2021, which means that it has managed to experience a whopping increase of 7,000% in the year’s first quarter alone.
Of course, DOGE is also one of the more volatile and riskier cryptocurrencies available. This is because there is no actual technology behind it except for the fact that it has little to no transaction fees, a fact that has drawn in many retail and institutional investors. This has understandably caused some friction within the cryptocurrency industry as while numerous people have invested in it, there are others, such as Cardano’s Charles Hoskinson, who believe that this hype is dangerous for the industry as a whole and could do more to end up damaging the reputation of cryptocurrency rather than benefit it in the long run.
Dogecoin’s market cap now over $90 billion
Following the latest ATH, the altcoin’s total market capitalization has now surpassed that of $90 billion. This is unprecedented as it is now only about $5 billion away from overtaking BNB (Binance Coin), which means that it could be the 3rd highest cryptocurrency in the world if this does happen.
To provide some additional context, DOGE has now become larger than Uber, Zoom, Airbnb, and FedEx.