Doge Coin (DOGE) shoots from one high to the next. But with each passing day, the chance that the bubble will burst increases.
Who let the DOGE out? The rise of the DOGE meme coin is unprecedented, even for the already rapidly growing crypto space. In the last 24 hours alone, the coin, whose mascot is a slightly moronic Shiba dog, was able to gain 80 percent in value (we had to correct this value upwards several times while writing). The coin, which has now reached the top 10 of the largest cryptocurrencies with a market capitalization of 16 billion US dollars, is currently trading at 0.129 US dollars (USD).
In the annual chart, DOGE performs even better: The crypto currency has already gained a whopping 2,450 percent since the beginning of the year.
With this, DOGE stands out from all other competitors within the top 10 by far. Even top performer Binance Coin (BNB) looks old against the newcomer in the top 10. After all, BNB “only” increased around 1,400 percent in 2021.
The reasons for the dream returns that DOGE investors were able to generate are quickly identified. For some time now, there has been support from prominent investors from the USA. Most famous example: Elon Musk. The wealthiest person in the world repeatedly shares semi-ironic DOGE content on his Twitter profile. His son is also said to be a proud DOGE owner.
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