It looks like the DOGE run is not stopping.
The cryptocurrency, created as a joke in 2013, rose to a new record high of around $ 0.43 early Monday, extending last week’s rally of 340%, according to data source Messari.
The meme cryptocurrency briefly replaced the payment-oriented XRP as the fourth largest cryptocurrency by market capitalization when prices reached their new high. According to the data source Messari, the market capitalization at that time amounted to more than $ 54 billion.
At press time, dogecoin of $ 0.3920 changed hands, with a market value of about $ 50 billion. XRP’s market value is $ 53.4 billion, at the current price of $ 1.41. Bitcoin remains the best crypto-currency, with a market capitalization of $ 1.05 billion.
DOGE’s recent rally has raised price expectations for the rest of the year. According to the betting website us-bookies.com, oddsmakers now see a 17% probability that dogecoin will rise to $ 1 by the end of the year, compared to 2.9% at the beginning of the month, according to the website us-bookies.com.
Some posters on Twitter are referring until Tuesday, April 20 as “Dogeday.” The date, which is celebrated annually as an unofficial holiday by many marijuana smokers, is also associated with Elon Musk, CEO of Tesla, who tweeted favorably about dogecoin. Just last week, the billionaire entrepreneur tweeted an image: ‘Daughter barking at the moon. ”
“Many dogecoiners predict that the coin would hit 69 cents at 4/20, you know, because the whole currency is a giant meme,” as Gizmodo Australia put it.
However, some observers fear that the ongoing price increase is a bubble that could burst easily, as the ownership of the cryptocurrency is concentrated in few hands.
Sixty-five percent “of all dog coins are stored in just 98 wallets around the world,” Akand Sitra, a cryptocurrency risk management platform, said in a statement. LinkedIn posting. “The largest single wallet holds 28% of all dog coins, and five wallets account for 40% of the total dogecoin supply.”
Sitra added that whales – a term for investors with a large stake – will hold on to dogecoin until there is enough traction in the market and will eventually dump all coins, thus becoming instant billionaires.