Dogecoin is no joke.
On Friday, the crypto currency rallied nearly 200%, to a market cap of nearly $50 billion dollars, according to CoinMarketCap.
That’s an 18,000% increase from last year when it traded for $0.002 cents a coin and had a market cap of about $250 million.
When the crypto first debuted, investors laughed it off. But, nowadays, it’s minting some serious coin.
After getting a boosted from the likes of Tesla founder Elon Musk and Mark Cuban, Dogecoin now trades at $0.38 cents a coin–far more affordable than bitcoin which is hovering near $60,000 per coin.
Musk sent out a tweet on Friday – a picture of the dog (which has become the symbol for dogecoin) barking at the moon and investors went wild, bidding the crypto 100% and sending it just shy of the $50 billion market cap.
Doge Barking at the Moon pic.twitter.com/QFB81D7zOL
— Elon Musk (@elonmusk) April 15, 2021
Check out this great chart of from CoinMarketCap.com showing the massive spike in the cryptocurrency.
There are many naysayers speculating that the rise in cryptos is a total fad and that worth nothing and will eventually fall.
It’s certainly possible that some will, however, I remain convinced that the crypto market is here to stay in part thanks to the technology itself which will create an ease of doing business. But, also, because of the distrust we’re seeing–around the world–in government institutions.
Increasingly, as people worry about big government and its extraordinary power, they’ll increasingly look to find ways to shield their assets from the whims of increasingly political lawmakers.
Cryptos will benefit.
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