Dogecoin often referred to as DOGE has just posted a new all-time high and established its name around the top 5 most valuable crypto assets by market value. The crypto is now more valuable than Nigerian Stock market $55 billion (N20.8 trillion) amid strong buying pressures prevalent in the crypto market.
Dogecoin is currently the fourth most valuable crypto asset by a market value of $71 billion. It has a circulating supply of 129,461,434,269 DOGE coins and the maximum supply is not available.
The altcoin has posted massive returns of over 100% in the past one week and just recently, a major sports brand, Oakland Athletics announced it will be offering its fans the option of purchasing some special seats with dogecoin.
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Join us at the ballpark as the Blue Jays roll into town!
Two-seat pods in the Plaza Infield are available for 100 Dogecoin for the series.
?: https://t.co/RizI8lp46i pic.twitter.com/wdDROnpLJc
— Oakland A's (@Athletics) May 3, 2021
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At the time of writing this report, the fast-rising crypto asset traded at $0.548572 and with a daily trading volume of $26 billion, Dogecoin is up 37.50% for the day.
When Billy Markus and Jackson Palmer created Dogecoin in 2013, it was simply meant to be a joke to mock the cryptocurrency mania at that time. The token quickly faded into oblivion, with its value at almost next to nothing.
After being in oblivion for so long with a value close to nothing, Dogecoin shot back to the limelight in January 2021, soon after the Gamestop saga due to a tweet. Since then, it has been one euphoric rise over another with billionaires like Mark Cuban, celebrities like Mia Khalifa, and Snoop Dogg, among many others, all tweeting about it.
The most influential support has come from the world’s second-richest man and Tesla CEO, Elon Musk, whose continuous tweets about Dogecoin made it increase in value significantly.
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Recall Dallas Mavericks, and Sacramento Kings have also become sports brands using crypto assets for ticket sales and online merchandise.
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 is usually referred to as “the internet currency.”
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.
Is it wise for one to invest now?