Is Dogecoin’s rally being driven by American investors?Īt its heart, Doge is a meme coin that relies quite heavily on continued social media hype in order for its value to increase. For example, just a few days back, the currency was able to eclipse Ethereum’s total exchange volume by a factor of 100%, which is quite remarkable especially when considering Ethereum has a total market capitalization of AUD $250 billion. Launched all the way back in 2013, Dogecoin has been one of the most intriguing and puzzling projects in the market. At press time, DOGE is trading for $0.38. Doge’s ongoing price action seems to be driven, in large part, by American investors.Īfter having stayed range bound between $0.03 – $0.43 since the first week of February, Dogecoin has been on an absolute tear price-wise.īetween April 13 and 16, the value of the cryptocurrency surged from $0.07 to a whopping $0.43, showcasing a growth of more than 450%.Social media engagement related to Doge has continued to hover around its all-time-high value.
On April 16, Dogecoin’s total exchange trade volume surpassed that of Ethereum’s.Since the start of 2021, Dogecoin’s value has soared by a staggering 5000%
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