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Dogecoin is growing again with the price hike.
Dogecoin cryptocurrency rose again, after a period of saturation. The coin rose 4.98% on June 28. Dogecoin has been on the rise in recent times, fueling fears of a cryptocurrency bubble
In June, the price of Dogecoin had risen by more than 20%, from 31 cents to 40 cents. Cryptocurrencies were trading with gains in June after Elon Musk said Tesla would use Bitcoin during cleaner mining, sending the price of Bitcoin above US $ 39,000.
According to CoinDesk, Bitcoin jumped more than 10% to trade at US $ 39,794.57, adding US $ 3,404 to its past close. Ether, the coin connected to the ethereum blockchain network, jumped around 5% to trade near the $ 2,500 level while Dogecoin traded at $ 0.32.
Dogecoin is a peer-to-peer open source cryptocurrency that was featured in a meme shared by Elon Musk. Digital currency hit record highs recently after sharing the meme. Online communities are pushing up the price of the digital coin as reported by experts, having risen 91% according to value trackers after the SpaceX CEO tweeted about Dogecoin. The cost in June showed a 20,000% increase over the same period last year.
The main focus of Doge’s rapid price hike is Elon Musk, who voiced his support for Dogecoin on Twitter. Elon Musk posted a tweet with Doge’s photo on it, which led to many people buying Dogecoin. Previously, Musk was condemned by experts in the crypto industry for controlling the prices of cryptocurrencies like Bitcoin and Dogecoin. Elon Musk called himself “The Dogfather” and is working with Dogecoin developers to work on the innovation behind Doge. Nonetheless, towards the end of the day, Dogecoin is a meme currency with no certifiable app, for now.
In addition, the supply of cryptocurrency dogecoin stock is unlimited, and currently around 130 billion Doge tokens are available. At the current price of $ 0.2188, the Dogecoin market cap is currently worth $ 28,527,961,063. At the last peak, it was worth over 75 cents and the market cap was over US $ 80 billion. Not great for a meme.
According to experts, his first major challenge will be to cross the US $ 1 mark, which, according to all, could happen before the end of July. When this challenge is successful, the next goal will be US $ 10.
Due to its new price spike, Dogecoin has ranked among the top ten cryptocurrencies in the world, after Bitcoin, Ethereum, Tether, Binance Coin and Cardano. Information from the measurement protocol further showed that Dogecoin was positioned as the third best-known cryptocurrency in the US and UK, with ownership rates of 24% and 15.5%, separately.
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