The Dogecoin course (DOGE) has exploded recently. After starting to rise exponentially last week, DOGE has gained about 490% in the last seven days. On Friday, April 16 alone, Dogecoin rose by an incredible 100% and briefly peaked at 0.45 US dollars.
Although it experienced a setback on Saturday, Dogecoin appears to have been unaffected by the big slump that the rest of the crypto market experienced on Sunday, making gains of 488.6% in the last week alone.
As a result of this recent activity, Dogecoin has also risen to the top of CoinMarketCap’s rankings and is now the fifth largest cryptocurrency by market capitalization with $ 55 billion and a market dominance of 2.66%.
What is Dogecoin?
Dogecoin was developed in 2013 by software engineers Billy Markus and Jackson Palmer as a litecoin fork. The name and logo are inspired by the popular “doge”meme-an image of a dog of the Shiba Inu breed.
The founders of Dogecoin wanted to create a fast and playful payment system without the usual bank fees. The cryptocurrency was primarily used by Twitter and Reddit users to tip other users for providing content they liked. In the crypto community, dogecoin has become a kind of” perennial meme”.
What’s behind DOGE’s latest rally?
The whole crypto market was doing really well this month. Bitcoin is still in the middle of a boom and every significant increase in Bitcoin often attracts other cryptocurrencies with it. The attention of the Mainstream media and the institutional acceptance of crypto-currencies in General, in this bull cycle is certainly helpful, because, in addition to Bitcoin, many other Coins in the ramp were light.
However, general market trends are not the only reason for the Dogecoin rally: the vertical price growth of the coin indicates other specific factors that also play a role.
How can I buy a stock of Dogecoin?
Dogecoin can be bought on a number of cryptocurrency exchanges such as Binance and Kucoin – but it should be noted that dogecoin is a cryptocurrency and not a company share.
Where can I buy Dogecoin?
Many are now in a kind of DOGE-FoMO (fear of missing out) and wonder how they can participate in the coin. In order to be able to buy and sell DOGE, you must first register with a cryptocurrency exchange that supports Dogecoin.
There are currently hundreds of different crypto exchanges with different features and benefits. However, it is important to choose a reliable and proven platform. Below is a selection of recommended exchanges:
Binance is one of the largest and most popular cryptocurrency exchanges. It offers hundreds of different Coins, and a wide range of trading tools for advanced users. The exchange is responsible for approximately 40% of DOGE’s trading volume and offers DOGE trading pairs with USDT, BUSD, BTC, GBP, EUR, AUD, TRY AND BRL. Binance users can earn a 5% return on their DOGE by transferring the coins into a flexible Binance savings account.
The world’s largest cryptocurrency exchange with over 2 billion users per day
Innovative trading platform offering enormous range of crypto-coins
Supports more than 60 payment methods including PayPal
Binance has grown exponentially since it was founded in 2017 and is now one of, if not the largest cryptocurrency exchanges on the market.
Complete list of regulations:
Singapore-based KuCoin, founded in 2020, claims that one in four crypto holders worldwide use its platform. KuCoin is available as a web and mobile version and offers a free trading robot for the automatic execution of any strategy. DOGE can be traded in the trading pairs USDT, USDC, BTC and KCS, and KuCoin users can earn additional DOGE through loan transactions.
Can I buy Dogecoin on Coinbase or eToro?
Currently, you cannot buy Dogecoin on Coinbase or eToro, as these platforms do not offer the cryptocurrency. However, there are numerous alternative platforms where you can buy DOGE. These include Binance and Kucoin (see links to the platforms above).
Why is Dogecoin rising?
The attention of celebrities on Twitter has certainly helped the meme coin reach a larger audience. Tesla CEO Elon Musk has been tweeting about Dogecoin since April 2019, calling it his ” favorite cryptocurrency.”
Dogecoin might be my fav cryptocurrency. It’s pretty cool.
— Elon Musk (@elonmusk) April 2, 2019
His enthusiasm does not seem to have abated, as he has regularly posted DOGE memes throughout the year.
Doge Barking at the Moon pic.twitter.com/QFB81D7zOL
— Elon Musk (@elonmusk) April 15, 2021
Many Reddit users felt encouraged by this positive publicity and the short squeeze of GameStop and tried together in the group SatoshiStreetBets to push the Dogecoin price up. The Dogecoin subreddit has gained over 166,000 new subscribers in the last week.