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Home Markets Cryptos

Dogecoin gains 50% in less than 24 hours, highest single-day gain since 2017

Olumide Adesina by Olumide Adesina
July 8, 2020
in Cryptos
Dogecoin gains 50% in less than 24 hours, highest single-day gain since 2017
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The world of cryptocurrency got another shocker as a fast-growing altcoin gained 50% some hours ago, the highest single-day percentage gain since 2017. This was captured by a leading crypto researcher, Ryan Watkins.

Dogecoin going vertical.

Up 50%+ in last 24 hours. Highest single day percent gain since 2017.https://t.co/RHtsjjI7X7

— Ryan Watkins (@RyanWatkins_) July 8, 2020

Data from Coinmarketcap shows that the cryptocurrency is the 27th most valuable crypto asset, with a market capitalization of $528.3 million.

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Dogecoin is presently trading at $0.004217 up 51.93% at the time this report was drafted.

Quick fact: Dogecoin is a type of digital coin that is decentralized, and facilitates peer-to-peer digital transactions. This means you can send money online with much ease. It’s usually referred to as “the internet currency.”

READ MORE: Best time to make money trading BTCs

It is different from BTC’s proof-of-work protocol in many ways, one of which is the Scrypt technology. The fast-growing altcoin also has a block period of 1 minute, and the total supply is unlimited, meaning that there is no limit to the amount of Dogecoin that can be mined.

“The recent rise of dogecoin, a meme coin, should serve as a reminder to everyone in the space that the most popular use case for crypto is still pure speculation,” said Anil Lulla, a former analyst at Bloomberg and co-founder of cryptocurrency research firm, Delphi Digital.

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Global search interest on “How to buy a dogecoin” has also skyrocketed from a score of 25 to 100, the highest possible search popularity score, over the past few days, according to 12-month Google Trends data analyzed by CoinDesk.

Some of the videos on TikTok, a newly popular social media platform, garnered more than 100,000 “likes,” while all videos with the “dogecoin” hashtag amassed several million.


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Tags: Business NewsCoinMarketCapCryptocurrencyCryptocurrency NewsDogecoin
Olumide Adesina

Olumide Adesina

Olumide Adesina is a financial market writer, analyst and investment trader. Message Olumide on Twitter @Olumidecapital

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Comments 3

  1. Ogeh Francis Pio says:
    July 8, 2020 at 12:47 pm

    Thank you Mr Olumide for this information. Please how can i start buying the dogecoin? Right now I only gain access to it through the free mining. God keep you sir.
    From: Francis Pio

    Reply
  2. Augustine says:
    July 8, 2020 at 3:05 pm

    I like how you analyze the market . Keep it up sir

    Reply
  3. Olumayowa Akinwunmi says:
    July 8, 2020 at 3:07 pm

    The update was very useful to me. Thank you Sir.

    Reply

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