Meme Coin Rages On: Dogecoin Hits 5th On CoinMarketCap, DOGE Inducing FOMO at $.40
Bitcoin is up above $60k, Ether has hit $2,500, and altcoins are enjoying immense gains, but the real winner is the 7th largest crypto with a market cap of $39 billion which is up 350% this week alone doing 160% more in volume than BTC.
Yet again, meme coin is ruling the markets.
Bitcoin is up above $60k, Ether has hit $2,500, and altcoins are enjoying immense gains. But the one leading not only crypto but beyond is Dogecoin (DOGE).
With a 350% uptrend this week alone, DOGE has surged past $0.3 to become the 7th largest crypto with a market cap of $39 billion.
A meme cryptocurrency based on the internet-famous Shiba Inu canine breed, DOGE, is bringing masses to the crypto industry, which besides Bitcoin (BTC) is one of the very few cryptos that constantly trend on Twitter, in part thanks to Tesla CEO Elon Musk.
The popularity of DOGE has its subreddit gaining new subscribers at warp speed. Created on Dec. 8, 2013, the Dogecoin subreddit currently has 1.3 million members.
Daily new subscribers to Dogecoin's Subreddit 👀 pic.twitter.com/3hZMrRIHuX
— skew (@skewdotcom) April 16, 2021
Not only is it beating the largest crypto asset’s volume numbers, but also the traditional finance figures.
$SPY the etf that basically defines America traded around ~25BN in yesterdays session. DOGE the coin that basically defines the internet has traded about ~30BN rolling 24hrs
— CouchMS (@cmsholdings) April 16, 2021
Naturally, Robinhood couldn’t keep up with so much demand, and yet again, its users reported that the platform is restricting DOGE trades.
“We’re currently experiencing issues with crypto trading,” tweeted Robinhood in the early hours of Friday as DOGE continues its face-melting rally.
Up 5,047% YTD, as of writing, DOGE is trading at $.4104. This, of course, is causing some FOMO among the people.
Im not jealous about dogecoin I am not jealous about dogecoin I am not jealous about dogecoin I am not jealous about dogecoin #doge
— Dave Portnoy (@stoolpresidente) April 16, 2021
Social media savvy, smoked meat stick vendor Slim Jim also joined in on DOGE mania, helping prices push higher along with their Twitter count. Both are mooning together, basically.
Sean Connolly, CEO of its parent company Conagra Brands, had revealed in the company's earnings call last week that they have “seen a marked uptick in audience interaction, including direct engagement and advocacy from the person [who] created dogecoin.”
DOGE is just the beginning for the company, like many retail investors, as they hint at “additional crypto-themed activations in the future.”