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Dogecoin Value Skyrockets 100% In One Week To $78 Billion

by : Niamh Shackleton on : 07 May 2021 09:19
Dogecoin Value Skyrockets 100% In One Week To $78 Billionelonmusk/Twitter/mintmaker/Twitter

Dogecoin is now worth a staggering $78 billion after its value skyrocketed 100% in just a week.

As of yesterday, May 6, the meme-inspired cryptocurrency was trading above $0.60 after Elon Musk posted yet more tweets about Dogecoin.

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The tech mogul coined himself at ‘The Dogefather‘ while advertising his upcoming feature on Saturday Night Live. Soon after tweeting, Dogecoin’s value doubled in price, and it’s continued to increase ever since.

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However, Musk may have slightly shot himself in the foot in continuing to tweet about Dogecoin as the digital coin is now valued at $4 billion more than SpaceX, according to the Independent.

In the wake of this, Dogecoin is now topping the cryptocurrency charts and currently sat in fourth place behind the likes of Bitcoin and Ethereum.

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This week hasn’t just been good for dogecoin, however; 2021 has seen the digital coin’s value continue to rise.

Created all the way back in 2013, dogecoin, which was made as a joke, remained off people’s radar until recently – largely through the help of Musk. Now, compared to this time last year, its value has gone up an astonishing 30,000%.

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Antony Portno, founder of cryptocurrency information site Traders of Crypto, has dubbed it a ‘mystery’ as to why Dogecoin continues to thrive.

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He told the Independent:

On face value, it is a complete mystery as to why dogecoin continues to grow: it is a meme coin, with bad tokenomics and no development. We all know the world of crypto is in equal measure crazy and fickle. Social media has been the key contributor to the growth of dogecoin… it has become an anti-establishment rebel coin.

Meanwhile, others have expressed concerns that those who have invested a lot of their money into Dogecoin may be setting themselves up for disappointment.

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Nigel Green, chief executive of deVere Group, which offers financial planning and advice, said, as per MailOnline, ‘We can expect many novice retail investors — who may not have the financial resilience needed — to get burned in the Dogecoin frenzy, in the same way they did with the GameStop one.’

Edward Moya, senior market analyst at Oanda, added, ‘Dogecoin is surging because many cryptocurrency traders do not want to miss out on any buzz that stems from Elon Musk’s hosting of Saturday Night Live.’ Moya also said the Dogecoin popularity bubble should have ‘popped by now’.

The world of cryptocurrency really is a strange and confusing place.

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Niamh Shackleton

Niamh Shackleton is a pint sized person and journalist at UNILAD. After studying Multimedia Journalism at the University of Salford, she did a year at Caters News Agency as a features writer in Birmingham before deciding that Manchester is (arguably) one of the best places in the world, and therefore moved back up north. She's also UNILAD's unofficial crazy animal lady.

Topics: Technology, cryptocurrency, Dogecoin, Elon Musk, SpaceX

Credits

Independent and 1 other
  1. Independent

    DOGECOIN IS NOW WORTH MORE THAN SPACEX

  2. MailOnline

    Who's laughing now? Dogecoin is now worth $78 BILLION - almost double that of Ford and Twitter - as the one-time comedy crypto's value rises 100% in seven days ahead of Elon Musk's SNL hosting gig