The Dogecoin upsurge is nothing short of history in the making. At present, the meme cryptocurrency has broken all records and left behind promising blockchain projects like ADA, UNI, XRP, XLM, DOT, and many more. As noticed by Richard Knight, the price of the meme cryptocurrency has risen a staggering 22,879%. After Dogecoin scored an ATH of $0.8 in the last 24 hours, it surpassed Ripple token with a $91.424 billion market cap.
The digital currency was launched as a mockery of cryptocurrencies in 2013, but it has turn tides with a keen sense of vengeance upon the satirists. Any investor who put 100 dollars in Doge in May 2015 could have the power to expand into one million DOGE as of today. The average Return on Income (ROI) for Dogecoin is 101.187%, as noted by CoinMarketCap.
While most investors are left scratching their heads about the current rise of meme cryptocurrency, some theories could explain the phenomenon. One factor could be the absence of any central figures in the picture. Just like Bitcoin is a 100 percent decentralized cryptocurrency, Dogecoin also became independent when its founders Billy Markus and Jackson Palmer, sold their entire stash for peanuts in 2015.
Meanwhile, other experts believe that the massive popularity of Dogecoin could be attributed to the Gamestop Stock short squeeze incident that introduced cryptocurrency in the mainstream media. On the other hand, Elon Musk decided to introduce Dogecoin to his 53 million followers on Twitter. Among institutional investors, Robinhood holds the biggest Dogecoin wallet. At present most DOGE holders have their eyes set on the 1 dollar mark.
What Makes Dogecoin Different from other Cryptocurrencies?
Knight notices that while Basic Attention Token (BAT) incentivizes people to provide their time and concentrated focus, Dogecoin offers a utility called priceless humor. A report published by Galaxy Digital Research also relays that the value of the satirical currency can be traced back to the cliché sentiment that people love to laugh at a good joke.
The current surge of Dogecoin can alter the way value is placed in digital commodities. Like an infamous comedian sells out the ticket for an auditorium, Dogecoin has managed to convert its value of humor into a real utility. It could be possible that more digital currencies are introduced in the markets, offering a physical rendition of a service that could be renewed into a real value with positive and negative market trends just like any physical product.