Dogecoin (DOGE) surges over 90% to become 8th Largest Cryptocurrency; Other Altcoins Gain as Bitcoin Falls
As the attention of cryptocurrency traders shift from Bitcoin and Coinbase’s direct listing on NASDAQ (on April 14, 2021), they renew their buying spree of altcoins.
Dogecoin (DOGE) witnessing Dream Rally
On Thursday, the crypto-traders aggressively bought Dogecoin (DOGE), made its price increase by 60%, and push the price to an all-time high (ATH) at US$0.1918 (closer to US$0.2).
On Friday (April 15, 2021), DOGE’s price increased by over 90% (24-hour %change) and touched an ATH of US$0.298316. At press time, it was trading at US$0.251604 with a market cap of 32,444,177,112.
This stellar performance of DOGE in the last 48-hours has made it overtake both Uniswap (UNI) and Litecoin (LTC). It is now the 8th largest cryptocurrency by market capitalization. In the last 7-days, the price of Dogecoin increased by more than 300%.
Dogecoin’s price seems to have jumped without any major development in the project or any push from the prominent figures on social media. Yesterday’s price rally of DOGE started after Tesla CEO Elon Musk tweeted a cartoon of a dog barking at the moon with the caption “DOGE Barking at the Moon”. Musk’s tweets have been a mover and shaker of the crypto market for quite some time now. He has 50.8 million followers on Twitter.
In recent days, more and more retail outlets are adopting Dogecoin (DOGE) as the preferred mode of payment. On Tuesday, a popular Miami nightclub has announced that it would start accepting DOGE as a preferred mode of payment for its merchandise, drinks, and tables.
Mark Cuban, a strong proponent of DOGE and owner of Dallas Mavericks, reported that since its decision of accepting DOGE token, the Dallas Mavericks basketball team’s store sold over 122,000 DOGE worth of merchandise, which is equivalent to over US$16,000 at press time. Cuban made it clear by saying that his basketball team “will never sell 1 single Doge ever.”
Improving Altcoin Performance and Shrinking Market Share of Bitcoin (BTC)
Other altcoins that have performed excellently in the last few days include Maker (MKR) and Band Protocol (BAND).
On Thursday, the price of Maker (MKR) increased by 43% to reach an ATH of US$4,102. This meteoric rise has been possible mainly because of the ecosystem’s movement towards full decentralization.
Band Protocol’s (BAND) price also increased by 38% to reach ATH at US$22.83. This significant price rise happened after the announcement of integration with Google Cloud.
After reaching an all-time high near US$65,000, the Bitcoin (BTC) price against the US Dollar (BTC/USD) has slid down to near the US$61,500 region. In terms of market capitalization, the global crypto market cap is US$2.21 trillion and that of Bitcoin is US$1.15 trillion. With more and more altcoins performing well now, the dominance rate of Bitcoin is falling with every passing day. In the last 1-year, Bitcoin’s share in terms of market cap has come down from around 65% to 51.9% (at press time).
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