Dogecoin, the cryptocurrency that was born as a joke rose 95% in two days and already has an $18 billion market cap.
The broad rebound of crypto allowed giving a big boost to this option that has several fans like Elon Musk and Guy Fieri. According to Coinbase, it increased its value by %94 percent in 48 hours, and this afternoon it was above $0.10 for the first time.
The current value is based on its current outstanding supply of 129.2 billion Dogecoins. In addition to being created as a virtual joke, Dogecoin has a unique character relative to other cryptocurrencies in that an unlimited amount of the coin can be mined, meaning its supply is unlimited. In contrast, the leading cryptocurrency, Bitcoin, has a fixed supply of 21 million coins, of which almost 19 million have already been mined.
Dogecoin is popular among some celebrities
Since its launch, several icons have joined as fans of the dog joke, such as Tesla CEO Elon Musk and Guy Fieri of Diners, Drive-Ins, and Dives, who have expressed his support for the Shiba-Inu-inspired cryptocurrency on Twitter.
— Guy Fieri (@GuyFieri) April 13, 2021
It should be clarified that Dogecoin was not the only cryptocurrency that has risen to record highs this week, as in the context of the growing expectation for Coinbase’s direct listing, Bitcoin rose to record highs above the $64,000 level.
Ethereum, meanwhile, also touched record highs on Wednesday, while litecoin and XRP hit multi-year highs.
The cryptocurrency price boom comes as still several Wall Street analysts and top executives, including none other than Warren Buffet and Bill Gates, have expressed their distrust for these assets due to their strong volatility.
The billionaire who manages Berkshire Hathaway launched harsh criticisms against cryptocurrencies in recent times, beyond the impressive rise of these assets.
Meanwhile, major New York banks have already created specific funds to invest in cryptos, such as Morgan Stanley, and other skeptics, such as JP Morgan, have resolutely changed their perception on this issue.
In this regard, some experts have anticipated that the value of Bitcoin could soar to $400,000.