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The 'Perfect Storm' That Led Dogecoin To 60 Cents

Benzinga2021-05-04

Dogecoin's(CRYPTO: DOGE) price increased nearly 55% from its 24-hour low of $0.3838 all the way to the 60-cent market Tuesday morning, according to CoinMarketCap data. This growth came right after the coinreporteda new all-time high of $0.45 Monday evening.

What Happened:The uptrend also closely follows Monday's announcementby Dave Kaval — president of Major League Baseball team Oakland Athletics — that the team processed its first Dogecoin payment in exchange for tickets in the league's history. He even invoked the #DogecoinToTheMoon hashtag while linking to the team's announcement about match seats being sold in exchange for the coin.

With Tuesday's high of over $76 billion, Dogecoin's market cap surpassed the market capitalization of major companies. Ben Weiss — the CEO and co-founder of cryptocurrency ATM operator operating over 2,300 machines — explained that the primary reason behind Dogecoin's ascent is the current climate in the crypto market overall.

Why It's Important:Weiss highlighted the promotion of Dogecoin by major personalities such asTesla Inc(NASDAQ:TSLA) CEO Elon Musk and Mark Cuban are other factors that largely contributed to the coin's price increasing. He also cited the crypto asset becoming more easily obtainable and a more surprising reason.

"Many people view Doge as the 'people's cryptocurrency' because it was created as a joke," Weiss said in an email statement. "Major players and corporations are unlikely to buy in and manipulate the market or understand that it could be a viable currency. Elon has echoed this sentiment. These factors have created a perfect storm for Doge, pumping the price to where it is today."

Dogecoin's rise comes as the total cap of the crypto asset market hasreached$2.3 trillion, making it larger than the market capitalization of any company and possibly any asset except for gold.

Dogecoin itself recentlyreached a market cap of nearly $54.45 billion. And that's a currency the creator of which did not expect to go anywhere, as he showed when hesoldall of his holdings for enough to buy a used Honda Civic in 2015.

Dogecoin trades around $0.5466 at publication time.

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评论194

  • 胖虎宝宝
    ·2021-05-08
    Let's keep flying ✈️✈️✈️
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  • AntDee
    ·2021-05-05
    Like 
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  • 7a06b928
    ·2021-05-05
    Cool
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  • 732bc2e8
    ·2021-05-05
    If Doge can reach a dollar, why would the rest of the alt coins stay become a cent? [捂脸] 
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  • Singlish
    ·2021-05-05
    Good
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  • SandDust
    ·2021-05-05
    I don't get it and will never. [流泪] 
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  • Ak91
    ·2021-05-05
    Like n comment pls
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    • 627ac981
      Reply pls
      2021-05-05
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  • muscleman
    ·2021-05-05
    Wow seriously 
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  • Sebas997
    ·2021-05-05
    it’s getting 0.69 this week
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  • muscleman
    ·2021-05-05
    Wow
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  • skyel
    ·2021-05-05
    Will it reach $2, $5 or $10 in 6 months? 
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    • leelunsean92
      LOL Possible
      2021-05-05
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    • Static92
      $10!
      2021-05-05
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    • 佳佳JJ
      Wow
      2021-05-05
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  • shaunneh
    ·2021-05-05
    i love doge
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  • Freedster49
    ·2021-05-05
    Like and comment plz. Thanks in advance 
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    • Ak91
      Ok
      2021-05-05
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  • Jellywonka
    ·2021-05-05
    Nice
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  • brandonwcj
    ·2021-05-05
    Perfect doggy
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  • LuluDog
    ·2021-05-05
    @Icetulip🐕🐕🐕
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    • LuluDog
      🐕🐕🐕
      2021-05-05
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    • Icetulip
      Waiting..
      2021-05-05
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  • Never ever f
    ·2021-05-05
    Dog dog [OMG] 
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    • AhhHuat
      woof woof!
      2021-05-06
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  • SillyOldBear
    ·2021-05-05
    Dogecoin!
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  • HMHu
    ·2021-05-05
    Watch doggie on SNL.
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  • Ericlam
    ·2021-05-05
    Love Tiger coin
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