As cryptocurrency values have risen over the course of the year, one particularly odd duck (or dog) along for the ride has been Dogecoin (DOGE). Created as a “meme cryptocurrency,” Dogecoin’s value has been far under less than a US penny for years. That has changed drastically in 2021. Holders and outside viewers were quite surprised to see Dogecoin climb over a cent earlier this year, but in the recent week, the supposed meme cryptocurrency’s value has risen to almost around $.45 a unit, nine times where its value started in April 2021.
The skyrocket of valuation for Dogecoin can be seen over on the likes of cryptocurrency trade sites like Coinbase, where even observing a one week timeframe for the currency shows a massive upswing in value over the last few days. Dogecoin started the month of April 2021 at $.05 per unit. Even further back, it started 2021 at a valuation of around $.005. April 16’s ongoing changes in value currently show a high of $.45 per unit of Dogecoin. That means that it’s jumped to about nine times its starting value in April alone and about 90 times its value since the start of 2021.
So what’s the big reason for Dogecoin’s massive upswing? What’s driving the skyrocket? We can only speculate, but for one thing, Elon Musk has been a seemingly vocal supporter for Dogecoin, regularly tweeting about the meme cryptocurrency. His tweets and interest had a similar effect on Bitcoin valuation, especially when Tesla revealed it had invested in the popular cryptocurrency and would be allowing transactions to be paid via Bitcoin. It’s hard to imagine Tesla will do the same with Dogecoin, but Musk’s interest has still likely aided its valuation.
There’s also Coinbase itself, which was directly listed on the Nasdaq for trade this week. Cryptocurrencies including Dogecoin and Bitcoin saw major rises in valuation this week leading up to the listing and they appear to still be rising in the wake of it.
Whatever the case, what began as a joke is getting more and more seriously worth paying attention to by the second. It’s hard to say if Dogecoin will keep its pace or where the upswing ends, but if you were holding it even just at the start of the year when it still remained underneath a cent in value, you’re probably feeling pretty good right now. Stay tuned as we continue to follow develops and updates on Dogecoin and other cryptocurrency news.
TJ Denzer posted a new article, Dogecoin (DOGE) skyrockets to around 9 times its April 2021 starting value
Wow! Such value!