Dogecoin Price Spike on April 13; popular meme cryptocurrency hits record price of $0.115
The cryptocurrency market has been blowing up over the past week as Bitcoin, Ethereum, Dogecoin and many other cryptocurrencies hit record high prices. Dogecoin has especially gone up more than 76 per cent over a period of one week. Dogecoin started out as a meme cryptocurrency. However, driven by the power of social media and memes, today Doge has become one of the most popular cryptocurrencies on the planet. Read on to know why did Dogecoin spike and what’s in the future for this crypto.
Why did Dogecoin Spike on April 13?
On Tuesday, April 13, the price of Dogecoin touched a record high price of 11.5. Crypto experts often regarded Dogecoin as a joke, something trivial in the face of powerful cryptocurrencies like Bitcoin and ETH. However, now at its peak, Dogecoin has hit a market cap of over 14 billion dollars, as reported by Cnet.
What is Going on With Dogecoin?
While nobody expected Dogecoin to hit the 10 cent mark so soon, but it was inevitable that it did. Dogecoin has become sort of a cultural icon across the world. The fact that a virtual currency with the face of a dog has become one of the most popular cryptocurrencies in the world is baffling and amazing at the same time.
This dogecoin price pump was started on websites like Reddit and Twitter where people unironically started to trend the term ‘To the Moon’, a term popularly used to describe cryptocurrencies when they hit really high prices. Elon Musk, a big supporter of Bitcoin and Cryptocurrency in general also hopped onto the train with a cryptic tweet that said, ‘Going to the Moon very soon’.
Dogecoin Price Prediction
The cryptocurrency market essentially functions similar to the stock market, meaning there are inevitable periods of highs and lows, dictated by supply and demand. Right now, a lot of people are buying up Dogecoin, pushing up the prices of this cryptocurrency to new highs. However, it cannot be predicted how high the coin will go before it inevitably starts falling down. However, some Redditors say the price of Doge might hit $0.25 before it caps off. Stay tuned for more news on Dogecoin and other cryptocurrencies.