The digital token known to be the favorite of the CEO of Tesla, Elon Musk, has experienced about a 120% price surge in the last 24 hours. The reason behind this huge upside trend cannot be ascertained as at the time of publishing.
In just two days in the New Year, the cryptocurrency market has experienced magnificent gains. Bitcoin (BTC), the largest cryptocurrency by market cap, continues to set new record highs without restrain. Retail and institutional Interest in Ethereum (ETH) has also increased like never before. It’s also worth noting that DeFi industry keeps enjoying consistent growth.
Dogecoin (DOGE) Up 120%
Altcoins in the markets are also showing no sign of slowing down, especially the digital token created out of meme, Dogecoin (DOGE). At press time, DOGE is priced at $0.011, with about a 120% price surge based on 24 hours estimation that was provided by CoinGecko.
As aforementioned, Dogecoin (DOGE) was created out of meme but now boasts of $1.3 billion market capitalization. Around this time last year, the coin was trading at just $0.00204887. But it has since surged by 441%.
Why Dogecoin (DOGE) Surged Cannot Be Ascertained
The reason why the coin experienced such a significant upside trend is anyone’s guess. But last year, Dogecoin (DOGE) got into the limelight after the TikTok video challenge that brought in a number of investors.
Elon Musk, the CEO of Tesla, has several times impacted the price of the cryptocurrency with various positive comments.
Dogecoin (DOGE) was specifically created by developers Jackson Palmer and Billy Markus in 2013 to poke fun at Bitcoin (BTC).
But the digital currency has beaten everyone’s imagination, including its creators. The crypto-asset has gained popularity, which resulted in its listing on major crypto exchanges. At the time of filing this report, DOGE occupies the 23rd position based on market capitalization.