There is Fire in the Cryptocurrency Market As Dogecoin Could Be the Next Big Thing

DOGE,  a cryptoasset in Rank #4 by market capitalisation, is now worth a staggering $79.5 bln after its value soared above 94% in just 7 days. For the past one month, Dogecoin (DOGE) has registered unprecedented gains of +930%.

Currently, it is topping the list of the best performers among the top 100 digital currencies by market cap. Every time a crypto whale comes out to praise its performance, its price skyrockets. The recent whale to praise DOGE is Elon Musk. His publicity has pushed the price to trade above $0.69. 

Invest in crypto with caution

Musk’s continued support for cryptocurrency is triggering the price of Dogecoin high, according to CoinIdol, a world blockchain news outlet. In his recent tweet, the CEO of Tesla and SpaceX revealed that cryptocurrency is promising and went ahead to warn investors to deal in this nascent asset with caution.

The whales have been among the major drivers of this year’s wild cryptoasset boom. Now, following the news from the Tesla boss that the open-source digital asset DOGE could ironically turn into the future of digital currencies, many users and investors started demanding more, using and investing in this coin and this helped Dogecoin to touch its new all-time high (ATH) of $0.6953.

DOGE is being deployed as a tipping system on different websites and social media platforms such as Reddit and Twitter to reward the community that uses DOGE for creation as well as the sharing of quality content. Because of the fear of missing out (FOMO), there is a high demand for the coin on a Dogecoin faucet, a website platform that gives new users a small amount of DOGE at no cost to introduce them to the cryptocurrency to enable them to start interacting in the DOGE communities.

However much the community is using Dogecoin, the coin needs to multiply 14 times more if it is to surpass Bitcoin. BTC’s MC is sitting at $1.058 trillion. Nevertheless, with this trend, it is still possible that DOGE can occupy 3rd place to replace Binance Coin (BNB, $96.447B) that is above it by just $17B. Dogecoin needs to double to surpass BNB.

Dogecoin is bigger than SpaceX

At press time, DOGE/USD is trading in green at about $0.617 with a 24h gain of 2.95%, with a market cap of $79.82 billion and a trading volume of $22.349 billion. 

This means that DOGE as the cryptocurrency is currently valued at $4 billion more than SpaceX, an aerospace manufacturer and space transportation services firm, and this is clear evidence that cryptocurrencies are more profitable than most of the traditional companies and assets.