Dogecoin Shakes Off Joke Label to Set Another All Time High
Doge coin continues to defy expectations and mocking labels after setting another all time high at the mid hours of Tuesday, May 4th, 2021, marking another Doge surge to the moon. May the 4th be with you, Doge!
Bigger and Bigger Doge
DOGE, which is currently the fourth biggest cryptocurrency in the world, was set out as a joke in 2013. Without hiding, DOGE presented itself as a satirical clapback against top cryptocurrencies on the market. Well, DOGE’s unusual introduction might have been its greatest strength.
The Doge coin recorded yet another all-time high on Tuesday, May 4th, at $0.5468, after only setting a record high barely 12 hours before. Its recent surge comes closely after its listing on social trading exchange eToro. The recent surge would be the next in the series of all time record set barely two weeks after recording a peak price of $0.404 on April 16th. The coin continues to break previous resistance levels, almost just as well as it continues to break internet trends. Its new ATH makes it the fourth most valuable cryptocurrency in the world with a market cap of $70.8 billion USD.
In the past, the Doge has been slapped with labels such as “the celebrity coin” and “the joke coin”, but the coin hardly seems to care anyway. Having thrived on community and celebrity influencers like Elon Musk in recent times, its “feel-good” introduction into mainstream twitter has provided even more grounds for not only entertainment but for sudden bullish runs. There is a popular meme of the Shiba Inu dog of Dogecoin’s logo whose muscular arms cannot stop growing with every bullish run. Now that DOGE has set another ATH, it is worth considering if the Shiba Inu’s muscular arm will continue to grow throughout 2021.
Dogecoin’s Value Eclipses Twitter
After leveraging huge social media communities like Twitter and Reddit in its ascent to the top, Dogecoin, by a funny twist, is at present more valuable than Twitter by market capitalization and might be worth double the tech company in a few days time if Doge’s run continues to break resistance.
Twitter is responsible for a huge spike in the altcoin’s growth, with influencers like Elon Musk and Mark Cuban driving the coin’s value even by a single tweet.
At the early hours of Tuesday, after breaking a series of resistance levels on Binance Trade, the Doge Market Cap outperformed the $63 billion mark, with Twitter being valued a little less than $44 billion at press time.
Will the Doge Ever Reach $100?
Considering the rapid rate the Doge has increased in the past few months, it is expected that there would be pressing questions regarding the future of the raving digital currency. From being valued at 7 cents barely three weeks ago, DOGE has shot up by more than 500 percent within the same short time frame.
However, despite shattering earlier predictions for the year, it is still unlikely that the Doge would ever reach $100 in a few years. There are millions of Doge coins released every day, making a “cap” even more difficult.
This does not mean the Doge Community cares anyway. DOGE has about 2 million dedicated supporters on Reddit alone. If anything, we could only be prepared for more surprises in the near future.