In the last few months, the crypto space has been witnessing phenomenal events and has gained much popularity among investors across the globe. There are a lot of digital currencies in the market to name some like Bitcoin (BTC), Ethereum (ETH), Ripple’s XRP, Litecoin, and so on. Out of all of these, Dogecoin (DOGE) is a digital currency that is recently topping the chart after Bitcoin. Dogecoin has surpassed Litecoin with a picture of Shiba Inu – Dog on it. This digital token also works on a peer-to-peer system structure for transactions across a decentralized network. Dogecoin is somewhat like bitcoin. However, their main point of difference is that Bitcoin (BTC) is the original blockchain proof-of-concept and a very first entrant in this crypto industry.
On the other hand, Dogecoin is a relatively new entrant compared to BTC as it entered the crypto race in 2013 that is much later than BTC.
However, it can be seen from few recent Dogecoin forecast that it is on a constant rising spree since its inception except few setbacks, just like Bitcoin. Dogecoin has been hitting its high records one after another, especially since December 2020. Also, last week’s positive response on social media by Elon Musk (TESLA Inc.) and Gene Simons about the growth of the said coin led to its all-time – high currency rate. Thus, leading its value per coin almost at par with BTC.
Following the same, this week as well Dogecoin value on listed exchange is constant surging and yesterday it rose by 10 cents per coin which almost more than 34% at a stretch, i.e., USD 0.104 per coin. This has caused it to become a sensational topic amongst investors in the market for discussion and consideration. Going further, yesterday, not Dogecoin alone outperformed in the industry indices, but the over market surged by 56% approximately. The key cryptocurrencies in the market, such as Bitcoin and Ethereum, had also skyrocketed to the recorded levels yesterday, with bitcoin again topping the chart with approx. USD 63,745, following which were ETH and XRP, and so on. Nevertheless, Dogecoin being one of the smaller crypto tokens is more subject to volatility than the other prominent players like Bitcoin and Ethereum.
With this unexpected rising trend of the crypto market, the industry experts and analyst speculate that soon Crypto investment market will see a huge set of events like the increased interest of retail or individual investors, more companies rising entering with crypto tokens, cryptocurrency exchange platform Coinbase’s anticipated IPO and many more events. All these events indicate the dynamic changes and new business opportunities in the cryptocurrency and digital token market.