The rise of Dogecoin (DOGE), a typical meme (content popular on the Internet) coin, is not unusual.
As of April 16th (KST) 9:25 pm, the global DOGE market price based on the coin market cap is trading at about $0.3173, an increase of about 150% from 24 hours ago.
Over the past 7 days, the price of Dogecoin has soared by 410%. The market cap has also increased to $41 billion, surpassing Polkadot (DOT) and rising to the 7th place in the market cap.
In response, CNBC, a media specializing in the US economy, said, “The price of DOGE has risen by 300% over the past week, and concerns about the bubble in the cryptocurrency market are increasing.”
The media said, “DOGE is a memecoin that started out as a’playful’. But now Doji has been reborn as the top 10 cryptocurrency with a market cap of 34 billion dollars. In some people, the surge in Dogecoin is by Elon Musk (Elon Musk). It is analyzed that this is due to the continued public relations of Tesla’s founder.
“The rise of Dogecoin is a bigger idiot theory. “It’s a classic example of what’s going to happen and believe it will buy an asset,” he added.
In addition, according to the Daily News, a media specializing in cryptocurrency, Mike Novogratz, founder of Galaxy Digital, an American cryptocurrency investor, said in an interview with Marketwatch, “Strange coins such as XRP and DOGE. It is also showing a surge. This means that there is a tremendous frenzy in the cryptocurrency market. Usually this doesn’t end well,” he warned.
However, he said, “I believe the cryptocurrency market will continue to grow and the industry as a whole will see huge profits in the long run. The growth of the cryptocurrency industry is just beginning. The important thing is that institutions recognize cryptocurrency as an asset class. Eight months ago, cryptocurrency was clearly difficult to see as an asset class, but now it is different. Currently, the total cryptocurrency market cap is about $2 trillion, but the space for future growth is enormous.”