Amazon took 13 years to provide investors with a 10,000% return. Now Dogecoin is taking five months.
The cryptocurrency (DOGE-USD) hit a new all-time high of $ 0.60 on Tuesday, pushing Dogecoin’s market cap north of $ 70 billion to become the fourth highest-rated coin, according to Yahoo Finance data partner CoinMarketCap.
That is now bigger than the market capitalization of Moderna. One of the companies delivering the COVID-19 vaccine to save the world from the pandemic.
How It’s Going
It’s a surprising way how the more than 10,000% cryptocurrency rall. Which started as a joke, was put together this year. Dozens of tweets from Tesla CEO Elon Musk caught the eye earlier this year and last year
Then, Dallas Mavericks owner and Shark Tank star Mark Cuban emerged as another proponent. Recently, he said that Doge was “better than lottery tickets” on “The Ellen Degeneres Show.”
To be fair, the story isn’t all hype. Oakland A joins the Dallas Mavericks this week to become another sports franchise that accepts Dogecoin as a form of payment.
Team president Dave Kaval took to Twitter to confirm that A processed the “first Dogecoin transaction” in Major League Baseball history on Monday. Last month, the team also processed its first bitcoin transaction while selling a package for a game.
However, even with the added narrative of acceptance and the allure of Musk’s Saturday Night Live appearance that could feature another high-profile mention of Dogecoin, it’s hard to predict how the cryptocurrency will sustain its performance.
