More than a million trading accounts were closed over the weekend. But one cryptocurrency shows no signs of stopping: We’re talking about the crypto meme Dogecoin, the fifth largest crypto currency in the world at press time.
Who freed the fox?
DOGE is up 34.7% in recent days, 459.8% last week and over 615.1% last month. This means that investments in Dogecoin have outpaced the growth of all large-cap crypto-currencies over a comparable period and all traditional savings accounts over a 10-year period (which is likely an underestimate).
As you can see in the graphic below, DOGE has risen like a rocket over the last week, from nearly $0.057 to over $0.40 at press time. A small pump of a few cents more would push DOGE to its high of $0.45.
Image: Eyes on the case.
The coin has no practical application, no active development, no official roadmap for the future, and no official project face, but that hasn’t stopped DOGE from reaching a market cap of $53 billion, ahead of likely useful projects like Uniswap, Chainlink, and Polkadot.
One story that makes Dogecoin stand out is its obvious presence in memory. Its mascot is the Shiba Inu, and its logo is a cute cartoon of Shiba Inu. And then there are the glasses:
The fact that $DOGE is in 5th place and about to overtake $BNB is proof of this:
1) the power of memes and influential social networks
2) the amount of central bank liquidity that is concentrated and inefficiently distributed in the system
3) the truth behind the IQ bell curve
– Qiao Wang (@QwQiao) April 19, 2021
However, it has recently received some attention in the Korean market. Du Wan Nam, head of business development for Asia at MakerDAO, noted on Twitter that Dogecoin was mentioned in the country’s oldest newspaper, Chosun, which may have contributed to today’s price spike.
My goodness, @dogecoin all over the Korean news today. Not surprisingly, the volume is higher in Korea. They say it’s prettier than a vampire.
– Doo (@DooWanNam) April 19, 2021
At the same time, the DOGE pump is over, while other cryptocurrencies have gradually recovered from last weekend. Yet it continues to bleed since the press is on the market.
As previously reported, more than $10 billion in individual trading accounts were liquidated over the weekend, the highest total of the year. Bitcoin alone has liquidated $5 billion, while altcoins have plunged into the red and suffered double-digit percentage losses.
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Published: Dogecoin, Trading
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