【Bitcoin】Dogecoin幕後最大玩家持28%狗狗幣、總值逾百億美元 2019年起入貨
$1 Dogecoin looks almost inevitable now
Dogecoin continued its recent surge Wednesday, hitting new all-time highs and making even the most skeptical admit that the vaulted $1 price goal is looking more and more achievable.
The cryptocurrency that no one was meant to take seriously spiked to just under 70¢ before losing a little ground. As of 10:30 a.m. ET, the digital currency was up 19% in the past 24 hours—and almost 14,000% year to date.
Dogecoin’s market cap now stands at $84.88 billion, putting it ahead of [hotlink]Gilead Sciences[/hotlink] and four-fifths of the companies on the S&P 500. Put another way: When measured by market cap, Dogecoin is more than six times more valuable than [hotlink]American Airlines[/hotlink].
A $1,000 investment in Dogecoin at the start of 2021 would now be worth over $135,000. And that same investment when the crypto launched in 2019 would be worth $364,000.
Ten thousand new Dogecoins are programmed to be issued every minute for the rest of eternity, meaning the value was never meant to hold. But pushes from everyone from Elon Musk to Mark Cuban to Guy Fieri have kept it in the spotlight, and traders have decided to defy logic.
Ultimately, though, it’s individual investors who are driving the price up. Determined to “hodl” the crypto and take it “to the moon,” it’s as much an affordable amusement that upsets the pro trading community as it is a serious financial vehicle. (They took it seriously enough, however, to get outraged when Robinhood’s crypto trading went down Tuesday.) But increasingly, companies are jumping on board. Earlier this week, the Oakland A’s began selling seats for Dogecoin. And Cuban last week said that the Dallas Mavericks would complete 60,000 Dogecoin transactions in April, adding that it’s a crypto that people actually use versus hold.
Those same enthusiasts declared April 20 “Doge Day” and hoped to push the crypto’s value to $1 on that day. That didn’t happen, but given its surge of late—and Musk’s upcoming Saturday Night Live hosting gig—the $1 mark seems quite possible.
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Dogecoin Surged by More Than 38%, Reaching a Record High
May 5, 2021 3 min read
Opinions expressed by Entrepreneur contributors are their own.
price went up by over 38% in a 24-hour period, reaching a record high of $0.69 Wednesday morning, according to CoinDesk.
The surge came after , an online trading platform, said this week that it will offer the to its users. The announcement helped raise Dogecoin’s market cap to above $50 billion, according to The Independent. Over 20 million eToro users worldwide can now use the platform to invest and trade Dogecoin.
In an email to users obtained by The Independent, eToro said that it is adding Dogecoin to its platform to further expand its crypto services. “Beneath the branding, [Dogecoin] is based on solid technical foundations, utilizing a proof-of-work mechanism,” the email read.
Related: Dogecoin Is Scaring Investors. Here’s Why.
The surge also comes as Gemini also announced on Tuesday that it is supporting Dogecoin on its crypto exchange platform. The meme cryptocurrency has risen by about 14,180% so far in 2021, according to MarketWatch.
Some trading platforms such as Coinbase, however, have been hesitant to support Dogecoin due to its volatility, as experts said that the possibility of incurring massive gains comes with a risk of huge losses, The Independent notes.
“It is a low-cost, high-risk investment with the potential for massive returns – which can’t be found elsewhere at the moment. Even high-risk junk bonds have virtually no returns now,” Carol Alexander, a crypto academic professor at the University of Sussex Business School, told the publication.
“It is Dogecoin’s price relative to Bitcoin that makes it so remarkable right now,” she added.
According to MarketWatch, Edward Moya, a senior market analyst at OANDA, said that Dogecoin is also surging because many crypto traders “do not want to miss out on any buzz that stems from Elon Musk’s hosting of ‘Saturday Night Live.’”
Amid recent, intense interest in the cryptocurrency, the said on Twitter on Monday that it would sell “two-seat pods in the Plaza Infield for 100 Dogecoin” for all four games in its series against the Toronto Blue Jays. The eventual sale of one of those pods was “the first [Dogecoin] transaction in MLB history,” team president Dave Kaval announced on Twitter that same day.
As of this writing, Dogecoin is around $0.60.