On Friday (April 16), heavy buying by retail traders is making the price of Dogecoin ($DOGE), the world’s favorite meme crypto asset (and definitely Elon Musk’s favorite cryptocurrency) soar to such high levels that it is leaving many crypto analysts speechless.
For example, on crypto exchange FTX, currently (as of 03:40 UTC on April 16) Dogecoin is trading around $0.2691, which means that it in the past 24-hour period, Dogecoin has gone up an incredible 106.20%, giving it a market cap of around $35 billion, thereby making it the 8th most valuable crypto asset (by market cap).
During the past few months, two billionaires have done a lot to help Dogecoin get to where it is today. These two people are Tesla CEO Elon Musk and Dallas Mavericks majority owner Mark Cuban. Both have talked numerous times about Dogecoin on Twitter and during interviews.
For example, Cuban sent out this important tweet on Wednesday (April 14):
FYI, the Mavs sales in @dogecoin have increased 550pct over the past month. We have now sold more than 122k Doge in merchandise ! 🚀🚀🚀 We will never sell 1 single Doge ever. So keep buying @dallasmavsshop https://t.co/li32cdtcED
— Mark Cuban (@mcuban) April 14, 2021
And Musk sent out the following tweet yesterday (April 15):
Doge Barking at the Moon pic.twitter.com/QFB81D7zOL
— Elon Musk (@elonmusk) April 15, 2021
As for those members of the crypto community who says that the huge success that Dogecoin has enjoyed over the past one year is giving crypto “a bad look”, this is what Cuban told a Forbes reporter back on February 8:
When a Forbes reporter asks me about #dogecoin and whether it’s a bad look for crypto when people are buying it pic.twitter.com/YGs27Vdsxo
— Mark Cuban (@mcuban) February 8, 2021
As for Dogecoin’s most recent price action, crypto analyst Joseph Todaro, a partner at Greymatter Research, had this to say:
I always enjoy watching dogecoin pump
It has often been a great signal of increasing retail interest and the start of a market wide pump
— Joseph Todaro (@JosephTodaro_) April 15, 2021
And crypto analyst and trader Scott Melker (aka “The Wolf of All Streets”) also said that he was enjoying watching the Dogecoin pump:
This is the first $DOGE pump I have missed in years, but I still absolutely love to see it. Favorite asset of all time, changed my life in 2017.
Happy for you guys who are in it, innit?
— The Wolf Of All Streets (@scottmelker) April 16, 2021
For those members of the crypto community who do not hold any Dogecoin and are angry to see Dogecoin have a higher market cap than their favorite crypto assets, popular pseudo-anonymous crypto analyst “Kaleo” offered these words:
Remember the coolest part about $DOGE pumping is the money always ends up flowing into other alts when it's done.
— K A L E O (@CryptoKaleo) April 16, 2021