Dogecoin skyrockets 160% and market capitalization exceeds US$1 billion

DOGE now has market capitalization of $1.1 billion

Dogecoin, the famous cryptomoeda created in the form of a joke has valued more than 160% in the last 24 hours, following the price trend of Bitcoin, which surpassed the $33,000 mark today.

In the past, when Dogecoin reached its peak price, the entire market for cryptomoeda has therefore appreciated, so if history repeats itself, Dogecoin’s rise can be a bullish indicator for all high in the market.

It is important to always remember that past performance is not indicative of future behaviour.

Dogecoin’s price has skyrocketed over 160% in the last 24 hours. This has made cryptomoeda the biggest winner among the top 100 in the market. The currency is now traded for US$0.012963 and has achieved a market capitalization of US$1.1 billion.

Although it is unclear why Dogecoin is appreciating today, the currency is one of the most popular in the market. It was created as a joke and should have no real value, but the joke turned serious and it gained many fans.

Even Elon Musk, the second richest man on earth often quotes the digital asset jokingly. He says on his Twitter that he is CEO of the project.

Of course, it’s all just a joke.

The rise of cryptomoeda has shocked the market, with many wanting to know what is happening. But as is common in this kind of situation, Bitcoin’s rise always brings new investors to the market, and many of them end up betting on cheaper assets with some/any potential for appreciation.

The currency is now the 29th cryptomoeda with the highest market capitalization, a curious and at the same time bizarre movement, since the asset was created to be nothing more and nothing less than a joke.

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