Dogecoin (DGC) rose more than 200% in the last 48 hours as the altcoin season hits its peak. The meme-based cryptocurrency rose three times of its value during this time after yet another volatile season that saw big gains by smaller cryptocurrencies even though Bitcoin itself remained flat. DGC to a new all-time high of $0.43 from a 24-hour low of just $0.13. The overall market capitalization of the cryptocurrency has now hit around $50 billion.
Dogecoin is now the king of the altcoin season as it has posted a massive recent price increase. Hardly a few days ago, the cryptocurrency was still languishing below the top 10 cryptocurrencies and now it is among the top 5 at press time. There is no indication at the moment what drove the massive price increase of the digital currency but the involvement of billionaires like Elon Musk and more recently Mark Cuban is likely to have played a role in the sudden pump.
The self-appointed technoking of Tesla Motors has yet again come to Dogecoin’s cause and tweeted several meaningful messages on Twitter to announce his support.
The eccentric billionaire tweeted:
Doge Barking at the Moon pic.twitter.com/QFB81D7zOL
— Elon Musk (@elonmusk) April 15, 2021
Despite calling out the current composition of Dogecoin ownership and criticizing its holding by a few big investors, he still came out in full force to extend the latest price pump.
Mark Cuban, another “people’s billionaire” who is also the owner of NBA team Dallas Mavericks has also shown his considerable support of Dogecoin in the previous weeks and months. Previously, he had stated that he could see $1 written in Dogecoin’s leaves back when the cryptocurrency was under $0.06. Now his prophecy might prove to be true as the cryptocurrency is now closing in on $0.5 and growing fast.
What is interesting is that the founder of the cryptocurrency cashed out his stash back in 2015 for just a few thousand dollars to buy a used Honda Civic. That amount would have been worth billions of dollars today.
Dogecoin has had a chequered past, present and future. While there are massive gains made by the cryptocurrency during the last few months, it is still a very volatile coin possessed by only a limited number in the crypto community. The involvement of big money players like Musk and Cuban also raises concerns whether the digital asset is being heavily manipulated somehow even if not in an organized manner. So, investors are advised to take caution and only invest what they can afford to loose especially with this kind of volatility involved.
Image source: FXTM Thailand under CC
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