Know Why Dogecoin Cryptocurrency is in the Spotlight Again

Dogecoin is growing again with the rise in the price.

Dogecoin cryptocurrency has been on the rise again, after a time of saturation. The coin has grown by 4.98% on June 28. Dogecoin has spiked lately stirring up feelings of trepidation of a cryptocurrency bubble

In June, the Dogecoin price had gone up by more than 20%, from 31 cents to 40 cents. Cryptocurrencies were trading with gains in June after Elon Musk said that Tesla will utilize Bitcoin when mining cleaner, sending the price of Bitcoin over US$39,000 level.

According to CoinDesk, Bitcoin surged over 10% to trade at US$39,794.57, adding US$3,404 to its past close. Ether, the coin connected to the ethereum blockchain network, hopped around 5% to trade close to US$2,500 level while Dogecoin was trading at US$0.32

Dogecoin is an open-source peer-to-peer cryptocurrency that was highlighted in a meme shared by Elon Musk. Digital currency has hit record highs lately after the meme was shared. Online communities are driving up the price of the digital coin as indicated by experts, having spiked 91% as per value trackers after the SpaceX CEO tweeted about Dogecoin. The cost in June showed a 20,000% increase from this time last year.

The primary purpose for the rapid rise in the price of Doge is Elon Musk, who has been vocal with his support for Dogecoin on Twitter. Elon Musk put out a tweet with the photograph of Doge on it, which led to numerous individuals purchasing Dogecoin. Before, Musk has been condemned by crypto industry experts for controlling the prices of cryptocurrencies like Bitcoin and Dogecoin. Elon Musk has called himself 'The Dogfather' and is working with Dogecoin developers to work on the innovation behind Doge. Notwithstanding, toward the day's end, Dogecoin is a meme currency with no certifiable application, as of now.

Further, cryptocurrency dogecoin stock supply is limitless, and right now, around 130 billion Doge tokens are available for use. At a current price today of US$0.2188, the Dogecoin market cap presently has a value of US$28,527,961,063. At the recent peak, it was worth more than 75 cents and the market cap was more than US$80 billion. Not terrible for a meme.

According to experts, its first significant challenge will be passing the US$1 mark, which from everything indicates could occur before the end of July. When this challenge is passed, the next aim will be US$10.

Because of its new surge in price, Dogecoin moved among the world's top ten cryptocurrencies, following Bitcoin, Ethereum, Tether, Binance Coin, and Cardano. The Measure Protocol information additionally showed Dogecoin positioned as the third most well-known cryptocurrency to possess in the United States and the United Kingdom, with a 24% and 15.5% ownership rate, separately.