Dogecoin has exploded. Yes, that’s the statement to define the recent surge of the cryptocurrency. Dogecoin had a difficult end to April 2021, sliding down to almost Rs 16 but has grown by over 45 per cent on Monday night, taking its value to Rs 51 (at the time of writing).
The latest hike has helped DOGE surpass automaker Honda Motor Co. Ltd in terms of market capitalisation. Honda has a market cap of $54.52 billion and Dogecoin has grown past that to whopping $86 billion..
“I’ve always said was I sold everything for about as much as it would cost to buy a used Honda Civic. This was all my crypto too, I had Litecoin and Bitcoin and DOGE and a bunch of other ones,” Markus had said.
Least did he know that his meme cryptocurrency will end up as one of the hottest digital currencies in the world.
The Shiba Inu-themed cryptocurrency is now the fifth-largest cryptocurrency by market cap, as per CoinMarketCap data. Dogecoin has given the highest returns among cryptocurrencies in 2021.
The Tesla chief has been a huge promoter of Dogecoin and recently called himself Dogefather in a cryptic tweet.
Meanwhile, the cryptocurrency has seen so much interest in the last two days that major trading platforms, both in India and abroad, crashed. WazirX, one of India’s largest cryptocurrency trading platforms, was down for almost an hour. Robinhood’s trading app also crashed because of investor interest