Entering the list of top 4 cryptocurrencies globally for the first time, Dogecoin now eyes $1 at a market size of $100 billion
It’s official now. Dogecoin has displaced XRP from its position of fourth-largest cryptocurrency by market cap. Hitting an unprecedented $66 billion market cap within a few months is surprising and impressive at the same time.
No one could have guessed that Dogecoin would ever be a part of the fabled five of the crypto world. Yet, we are here, and the whole crypto market is witness to Dogecoin’s tremendous rise.
Strong and Vocal Community
There’s something that Dogecoin has, which very few cryptocurrencies have been able to achieve – a strong and vocal community. It all began after the GME, Robinhood, and the infamous Reddit group known as WallStreetBets.
The fire that began from GME and WallStreetBets fiasco soon spread to the crypto world. It involved Dogecoin, widely known as a meme coin, the crypto version of WallStreetBets Reddit group, and Robinhood.
Within no time Dogecoins started making significant strides with more and more people logging into their Robinhood accounts to buy Dogecoin. At the beginning of 2021, Dogecoin was available for $0.01. But a Reddit group decided to take matters into their own hands, and Dogecoin became the hottest thing in the crypto space.
The rush of buying Dogecoin was massive, and it compelled Robinhood to stop Dogecoin trading on its platform. Unfortunately for Robinhood, the train had left the station, and there’s no point trying to halt it.
In Dogecoin, its community started seeing something revolutionary. They believed that the people had it enough, and now is the time for them to show their combined strength against the whales and organized professional traders.
The support came from one of the most popular names in the global business scene, Elon Musk. The founder of SpaceX and Tesla put out multiple tweets in support of Dogecoin. Other popular celebrities to lend their support to the Dogecoin community were Mark Cuban, Snoop Dogg, and many more.
The Current Scene
In the last few weeks, Dogecoin had shown that its growth was not a fluke. The Dogecoin prices made almost an 8X jump and stunned its critics and supporters alike. Many Dogecoin holders became millionaires overnight.
Now, the question is that would Dogecoin be able to touch $1? If market factors stay strong, the chances for it to become a reality are very high. If Dogecoin touches $1, it will translate to around $100 billion market size. Is this something that can come true? Only time will tell, but my guess is that it is very likely to happen soon.