Few could have foreseen this development as earlier today, retail traders’ heavy buying caused the price of DOGE, the widely popular meme currency that is so beloved by billionaire Elon Musk, to skyrocket, rendering several crypto observers and experts stunned as well as speechless.
This was proven when the altcoin had been trading at about $0.26 on FTX, a popular cryptocurrency exchange. This trading price is also indicative of a whopping 106% increase within the previous 24 hours, bringing the total market capitalization of DOGE to an estimated $35 billion. Through this achievement, Dogecoin has now officially entered the top 10 cryptocurrencies in the world and is currently ranked at #8, right behind Polkadot (DOT).
DOGE becomes the most traded crypto within 24 hours
Also, earlier today, it had been reported by CryptoCompare that DOGE was the most traded cryptocurrency across every exchange in a span of 24 hours and in terms of the overall trading volume. Furthermore, in terms of its ROI (return on investment), it had been 337%, then 337.6%, followed by 359%, and then finally just above 13,750% for the previous 7, 14, 30 and 365 days respectively.
Moreover, DOGE’s success has also been largely due to the continued support of two individuals, in particular, those being Mark Cuban and, of course, Elon Musk himself. Cuban is the primary owner of the Dallas Mavericks, whereas Musk is the CEO of tech giant Tesla. Both expressed how supportive they are of the altcoin and its potential for success, with Cuban even going as far as tweeting that he will not sell a single DOGE ever. Elon Musk, on the other hand, simply posted a picture with a dog barking and staring at the moon, a clear indication of how he believes that the altcoin’s success and growth will go ‘to the moon.
Should we take DOGE seriously after all?
Mark Cuban responded to those individuals in the crypto community who believe that the success of the ‘meme’ coin is doing more harm than good for the industry as a whole. He stated that the altcoin is currently the ‘best bang for your buck and that he had even bought some DOGE for his own son.
Cuban did point out that the altcoin itself may not hold any real intrinsic value, though, but he also said that this does not matter in the long run as it is an inexpensive coin that almost anyone can invest in and experiment with.