Today is the day of the Doge! A day set aside by Dogemaniacs all over the world to celebrate the success of the highly generous, ever meme-able cryptocurrency coin which sprang eight years ago, as one small-scale ‘marijuana’ joke to cement its place in the top ten hottest coins with a roof shattering 15,000% value appreciation over the last six months.
Dogecoin’s current market capitalization which comfortably sits above the $50 billion high-flyer mark, according to the leading coin indicator CoinMarketCap, comes as no surprise to many crypto observers who credit a greater percentage of the coins’ soaring success to the promotional efforts of the World’s second-richest man, Elon Musk.
The coin which briefly edged Ripple XRP’s $53.4 billion market capitalization by a surprising $600 million margin at the turn of the new week to clinch the fourth spot, briskly basked in the euphoria of becoming a member of the big four, before calmly settling back to its long-held fifth position just in time for the Dogeday.
With the probability of hitting the $1 mark now closer than ever, Dogecoin’s present success has become a huge catalyst fuelling increased FOMO-based purchases of the coin, with many dreading to miss out on what looks like a Bitcoin success in its infant stage.
The next quarter of the year could see big trading and exchange platforms like Coinbase and Robinhood join Binance, OKEx, and others to add DOGE.
Despite its great successful run, many crypto stakeholders remain unfazed by the surge. Among this camp, are others repeatedly warning of the possibility of a grand scale dumping on naive entrants once the marvel coin appreciates to a price level desired by the few powerful investors who control the entire Dogecoin asset base.
For Dogemaniacs, the euphoria remains high, the profits higher, and hopes for the future highest. The red flags and criticisms mean little under the new movement: “In Doge We Trust.”