Dogecoin, the parody cryptocurrency, is on a golden run in 2021. The controversial cryptocurrency has crossed the Rs 50 mark, taking its market value (or market-cap) to a whopping $80-billion mark.
At the time of writing this copy, Dogecoin was trading at Rs 48.12, up 12.5 percent on Wazir. It touched an intraday high of Rs 51.49 and an intraday low of Rs 46.92. Year-to-date, the cryptocurrency has rallied over 14,000 percent, making it the fifth most valuable digital currency.
The recent surge in the crypto has now made it more valuable than aerospace company SpaceX, which is headed by one of Dogecoin's biggest proponents Elon Musk. The maverick CEO referred to himself as the “dogefather” in one of his recent tweet ahead of his Saturday Night Live gig which will air on May 8.
"The Dogefather SNL May 8," Musk had tweeted last week, hinting at the possibility of the crypto asset featuring on the upcoming episode of Saturday Night Live (SNL).
That parabolic rise is drawing both applause and apprehension as its supporters aim to drive the parody coin to a value near $1, while naysayers have suggested that its spike could lead to a bubble in the crypto space. And even though the bubble may last for some time, market veterans are quick to warn about the impending burst as there is no permanence or sustainability to the surge. Also, since millions of dogecoins are minted every year, it implies that there is no dearth of the cryptocurrency supply.
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