DOGE flies away and without a boost from Elon Musk this Time

By: Bharggavi Ssayee

April 16, 2021 1:53 AM

In a boiling cryptocurrency market due to Coinbase's IPO, Dogecoin (DOGE) is no exception. On April 14 at 4 p.m., it showed a 70% increase in 24 hours. At the end of the day, a new ATH and a 10th place.

The joke is no longer a joke. The DOGE started out as a joke, a wink. Today, Dogecoin is the 10th largest cryptocurrency in the world in terms of valuation. On April 14, its price soared 70% to 0.10 euros.

At this price, the global capitalization of DOGE is therefore 14.20 billion euros. So that's enough to get into the Top 10, and at the same time get out of the LINK. This new position in the hierarchy, the token owes it to the strong increase of the last 7 days - more than 100%.

DOGE, the € 14 billion ex-joke

Has Elon Musk multiplied the tweets about Dogecoin in the past week? Not even. The token is not currently benefiting from the Musk effect, which tends to be versatile and dissipate quickly.

Rather, it is the Coinbase effect that is at work here. And DOGE is by no means the only cryptocurrency to benefit from it. The same is true of the main crypto in the market, foremost among them Bitcoin and Ethereum.

The fates of cryptocurrencies and Coinbase are now even more closely linked. A surge in stock market action should thus further fuel the growth of major crypto-assets. And vice versa - but also vice versa.

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The DOGE therefore seems to be particularly benefiting from this context. Its price is however very volatile. And to continue to grow, or even simply stabilize, the token will need uses. Mark Cuban, boss of the Dallas Mavericks, participates.

The sports team store offers products in DOGE. In the past month, transactions in crypto jumped 550%, estimates the billionaire. This represents a total of more than 122,000 tokens.