Dogecoin jumps 88% in a single day to $0.13, reviving Ponzi fears ๐จ This article is 4 years old...
Dogecoin jumps 88% in a single day to $0.13, reviving Ponzi fears
Who knew the โjokeโ currency would outperform just about any asset outside of the crypto space?
2 min read
Updated: Apr. 14, 2021 at 2:22 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Dogecoin (DOGE) surged by 88% today to over $0.13, setting a new all-time high and gaining a $16 billion valuation, data from multiple sources shows.
The currency is intrinsically valueless and is intended to have absolutely no use, save the memes and jokes.
Doge up 69%…. Nice pic.twitter.com/Hm0FaDDjve
— Valkia (@officialvalkia) April 14, 2021
The day DOGE jumped
As the below image shows, DOGE has shot up like a rocket in the past two days without any real fundamental development. It has been trading above its 34-period exponential moving average since last week and broke through all โresistanceโ levels to its way to the ATH.
DOGE reached as high as $0.14 in the early hours before retracing all the way to $0.11. It has since regained and trades at $0.13 at press time.
The move seemed to catch the eyes of many around the world. On social media app Twitter, the term โDogecoinโ found its way to the global trending charts with over 265,000 mentions since its price move.
Even Elon Musk, the CEO of electric carmaker Tesla, seemed to tweet about the DOGE surge. He has previously posted pictures of Dogecoin going to the moon, and claims to have accumulated some DOGE for his youngest child.
— Elon Musk (@elonmusk) April 14, 2021
Some remain critical
While the memecoin seems to have the worldโs attention, some critics remain skeptical about how high DOGE can surge before tumbling back down.ย
David Kimberley, an analyst at investing app Freetrade, said that people were buying the cryptocurrency because of the hope that others eventually join in, push the price up, and the early โinvestorsโ sell their holdings at a high profit.
But the pain comes afterward. “When everyone is doing this, the bubble eventually has to burst and youโre going to be left short-changed if you donโt get out in time,โ Kimberley said.
Last year, there were reports of a large percentage of Dogecoinโs supply (nearly 27%) being in the hands of one investor, raising concerns about the way the currency was distributed and the potential impact on prices.
Some pros/risks of #Doge.
Pros: Cool, fun, PR manager @elonmusk. Decentralized in the sense there are no "core team". It's abandoned.
Risks:
1 address holds 27% of all #DOGE.
Top 20 addresses holds more than 50%+ of all #DOGE
Kinda "centralized" in that sense.
"abandoned".— CZ ? Binance (@cz_binance) February 4, 2021
Those concerns have since disappeared. Because who complains if the music never seems to stop anyway?
Dogecoin Market Data
At the time of press 2:22 pm UTC on Apr. 14, 2021, Dogecoin is ranked #10 by market cap and the price is up 76.51% over the past 24 hours. Dogecoin has a market capitalization of $17.49 billion with a 24-hour trading volume of $20.45 billion. Learn more about Dogecoin ›
Crypto Market Summary
At the time of press 2:22 pm UTC on Apr. 14, 2021, the total crypto market is valued at at $2.24 trillion with a 24-hour volume of $221.74 billion. Bitcoin dominance is currently at 53.87%. Learn more about the crypto market ›
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Dogecoin is a cryptocurrency created in December 2013 as a joke by software engineers Billy Markus and Jackson Palmer.
South African-born Elon Musk has founded several companies, including X.com (which later became PayPal), SpaceX and Tesla Motors.