Dogecoin (DOGE) Sets New Highs As Bitcoin (BTC) and Ethereum (ETH) Continue To Flag
In 2021, DOGE is the perfect example of a rags-to-riches story in the cryptocurrency ecosystem. The crypto focuses on “barking to the moon” rather than giving way to temporary bears currently devouring the cryptocurrency industry.
For example, DOGE has risen by over 7,000 percent year-to-date compared to Bitcoin’s slightly above 95% return.
Seven days ago, the crypto was changing hands at $0.07. However, it recently set a new all-time high at $0.44. The major catapult to the price is Tesla CEO Elon Musk’s tweets positively highlighting the crypto. In one of the tweets, the executive said that DOGE was “barking to the moon.”
Apart from setting new highs and shooting to the moon, there is more hype surrounding DOGE. Below are the juiciest of them all:
The Dogecoin community is anticipating the launch of a SpaceX flight to the moon. SpaceX CEO, Elon Musk, suggested that the trip would take Dogecoin to the moon with it. The day is also gaining momentum on search engines like Google and social platforms such as Twitter.
Apart from Musk taking DOGE to the moon, the coin’s diehards keep their fingers crossed for April 20. Dubbed "Dogecoin Day 4/20”, it’s the day DOGE investors forecast the cryptocurrency will reach a price of $0.69. 4/20 is usually associated with cannabis, but Dogecoiners want to make it a DOGE day.
In their push to steal the day from cannabis, the coin’s social dominance increased to 31.23 percent against Bitcoin’s 30.4 percent, according to LunarCrush.
Notably, the rise in price has also impacted the crypto’s market capitalization, which now stands at $50 billion. Consequently, it has surpassed the market cap of major traditional financial firms such as Barclays and ING.
U.S. Congressman Buys DOGE
The hype around Dogecoin is gaining adoption from more sources. Mark Green, a member of the United States House of Representatives, drilled over $15,000 in DOGE in two transactions happening on various dates this month. Congresstrading.com reported Green’s crypto investments.
Since the trades occurred on different dates, the U.S Congressman could be holding between 21,000 and 320,000 DOGE coins.
Calls to Add Doge As Payment Method Gets Stronger
As Green puts more into the virtual coin, DOGE investors are increasing pressure on Amazon to add the crypto as a payment method through a petition christened “Doge4Amazon” on Change.org.
At the time of writing, the petition had garnered over 140,000 signatures. The petition has been active since September 2018 and initiated by an individual known as “Mark E,” targeting 25K signatures. However, it’s unclear whether the surge in signatures is associated with the rise in price.
However, as Dogecoin supports wait to see if Jeff Bezos, Amazon’s CEO, will bulge, Newegg, an electronics retailer, has added DOGE to its payment options. In a press release, the platform’s brand manager, Andrew Choi, said that the cryptocurrency’s recent spike in value partly influenced the decision.
“[As such, there’s] need to make it easier for customers to make purchases with this popular cryptocurrency.” Notably, the announcement coincides with the Doge day. In a tweet, Newegg wrote, “Happy DogeDay to all, let’s share the good news.”
DOGE Beats Tether (USDT) In Market Cap
Apart from price and adoption as a payment method, Dogecoin is also reorganizing the list of top coins based on market capitalization. Now, the crypto is among the top five coins on CoinMarketCap after overthrowing USDT from its spot.
At the time of writing, USDT had a market cap of $48.68 billion, while DOGE’s stood at $51.98 billion. The next target may be Ripple (XRP) which has a market capitalization of $55.22 billion.