No longer a joke: Dogecoin (DOGE) becomes No. 5 most valuable crypto on the market

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Dogecoin (DOGE) is now the world’s hottest cryptocurrency. Yes — even hotter than Bitcoin (BTC)!

The total value of the dogecoins in circulation is almost $50 billion — not bad for something that was ridiculed for being a joke.

Based on the latest figures by CoinMarketCap, Dogecoin is the No. 5 most valuable cryptocurrency on the planet, having ballooned to a staggering 6,000% this year.

This victory of the meme digital currency can be credited to a lot of backing from personalities such as Tesla CEO Elon Musk and American Rapper Snoop Dogg. In Fact, at one time, Musk declared the altcoin as the “people’s crypto.”

DOGE accepted by NBA’s Dallas Mavericks

The hype created by Elon Musk regarding the cryptocurrency seemed to have carried on and grow larger as it continued to gain some ground going mainstream.

His comments brought about renewed interest from conservative investors, with some making a sell-off in their own bid to get a hold of the coin, mirroring GameStop’s gains in the cryptocurrency ecosystem.

As proof, Dogecoin was accepted by the NBA’s Dallas Mavericks as a payment option for their tickets and merchandise last month.

Continuing growth for the meme coin

There is no doubt that what started out as a “joke” cryptocurrency has shown tremendous growth, and the public is showing more interest in it.

For instance, in the United States, Dogecoin is now available at 1,800 Automated Teller Machines (ATMs) across the country. The largest network of Bitcoin (BTC) ATMs, Coinflip, said that it added the option for the purchase of the digital coin due to its popularity and mass adoption.

SpartanGroup believes that it is quite interesting to see young people choose Dogecoin over gold and the US Dollar as their store of value and currency, especially that they contributed greatly to the sudden rise in DOGE’s price appreciation.

Image courtesy of Meet Kevin/YouTube Screenshot

Jet Encila

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Jet Encila

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