The ironic crypto Dogecoin (DOGE) was taken with a new layer of seriousness on January 2. DOGE at the time of writing was trading at 0.011 cents, based on data from TradingView. That is more than a 120% increase since New Year’s Day and a strong break above the one-cent mark.
That rise is in line with the explosive price of Bitcoin, which has recorded highs of above $34,800. The flagship crypto has recorded many high points in the past two weeks. On its part, DOGE has traditionally been viewed as a parody of the crypto world.
Nevertheless, it is real crypto and thus it is capable of delivering returns like bitcoin. Recently, Dogecoin got a boost after Tesla CEO Elon Musk mentioned it on Twitter, although in a non-flattering light.
The altcoin may also have got a boost by a tweet from adult film star Angela White. Angela said that she has been an investor since 2014. This tweet came out on January 1 night as the price surge started.
So far, in 2021, the crypto market has boomed stronger than ever. The Bitcoin price is setting records and breaking them after a few hours. On the other hand, Ethereum interest is off the roof, and the decentralized finance sector continues to grow exponentially.
Altcoins are awake, and they do not show any sign of slowing down led by Dogecoin. The coin that was developed as a joke now has a market cap of $1.6 billion, and it surged in value last year with other altcoins. Before the crypto-mania gripped the world a year ago, DOGE was worth $0.00204887. Its price is up over 500% since then.
The coin has been in the limelight for most of 2020, with Elon Musk saying it was his favorite crypto and a viral TikTok video encouraging people to invest. This coin has some uses although many of them are criminal with hackers using it to control Monero-mining malware.
Jackson Palmer and Billy Markus developed the DOGE coin in 2013 to poke fun at bitcoin. However, since then the crypto has become popular. That happened much to its creators’ surprise and it is now available on major exchanges. It is now in the list of the top 25 cryptos with regards to market capitalization.