Dogecoin is trading on its New All-time High and all the eyes of investors are on to will the Doge make it to $1? As it hit half a dollar on Tuesday morning where Dogecoin was trading for $0.65 — which is more than half of a dollar. The last dogecoin All-time high was two weeks ago when the cryptocurrency reached $0.44 per token.
Dogecoin rose by 36% to its value on Monday, May 3, which contributed to a 95% rise in the crypto coin over the entire week, as per the reports.
Dogecoin is right now the most famous cryptocurrency in the crypto market, as it has become one of the top 5 coins by market cap. The top 5 coins which are competing now with dogecoin are Bitcoin, Ethereum, Ripple, Bitcoin Cash, and EOS. As Doge is so dominant in the market right now, these coins are losing market share to Doge. This big wave in the dogecoin price boost is said to happen due to the latest tweet of Elon Musk stating appearance on Saturday Night Live which is an American television show, where he might give his views on Dogecoin.
What is Dogecoin?
Dogecoin was originally created just as a meme based crypto enthusiasts and took its name from a meme featuring the Japanese dog Shiba Inu. Its basic purpose was to tease other cryptos in the market. Today Dogecoin is not just a joke, having exploded in value and gained more than 5,000% in 2021. Among its boosters is Tesla CEO Elon Musk, who called Dogecoin his favorite cryptocurrency. Musk also named Dogecoin the “people’s crypto,” and promised to plant a physical Dogecoin token on the moon. Elon Musk is also known as the “Dogefather” due to his support for the coin. Due to its origin is from meme many newbie investors don’t get afraid of the crypto market.
In recent days, Dogecoin was worth more than Honda, Twitter, and Ford because of the recent surge in value.
The dogecoin has seen huge gains in one week where it reaches US$0.6953 at its new ATH. After Tesla’s Elon Musk tweeted about his upcoming Saturday Night Live appearance on May 8. On Wednesday, Musk tweeted “The Dogefather SNL May 8,”.
The last 30 days have shown 537.92% increase against the U.S. dollar. Let’s hope it also crosses the $1.