Over the past week, Dogecoin (DOGE) has experienced a remarkable surge, nearly doubling in value to $0.37, propelling its market cap to $55 billion and positioning it as the 6th largest cryptocurrency in the world. This impressive increase underscores the massive influence Elon Musk continues to have over Dogecoin, while also attracting significant attention from retail investors in the cryptocurrency market.
Elon Musk’s Influence on Dogecoin
Elon Musk, the CEO of Tesla and SpaceX, has long been recognized as the driving force behind Dogecoin’s success. Through his influential tweets and public endorsements, Musk has consistently stirred the cryptocurrency market, driving Dogecoin’s value to new heights. Musk himself has embraced the title “DogeFather,” reflecting his unique connection with the coin.
Musk’s support helped Dogecoin skyrocket in 2021, reaching an all-time high of $0.67 in May 2021. However, his negative comments about Dogecoin—calling it a “scam”—led to a significant sell-off, causing its value to plummet. Despite the volatility, Musk’s influence continues to play a crucial role in Dogecoin’s performance in the market.
Dogecoin’s Impressive Growth Amidst a Booming Crypto Market
Despite the fluctuations in value, Dogecoin has captured renewed attention, showing strong growth in recent weeks. In the last 7 days, Dogecoin has surged by 120%, and over the past month, it has gained nearly 222%. With a market cap of $55 billion, Dogecoin has solidified its position among the top cryptocurrencies, signaling a strong recovery and continued growth potential.
Bitcoin and Ethereum Also See Impressive Gains
Not just Dogecoin, but other major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) are also experiencing significant growth. Bitcoin is currently trading at $87,000, up 19% over the past week and nearly 140% over the past year. Bitcoin’s market capitalization has surpassed $1.7 trillion, maintaining its position as the leading cryptocurrency in the market.
Ethereum, the second-largest cryptocurrency by market cap, is trading at $3,311, up 37% in just one week and over 60% over the past year. Ethereum’s market capitalization has reached nearly $400 billion, cementing its strong position in the crypto space.
The Explosive Growth of Other “Meme Coins”
In addition to Dogecoin, other “meme coins” are also experiencing remarkable increases in value. Shiba Inu (SHIBA) has surged more than 50% in the past week, reaching $0.00002696 and pushing its market cap close to $16 billion. Other meme coins, such as Pepe, Dog What, Bonk, and Floki, have also seen impressive gains in the past week.
Notably, Cronos (CRO), the token for the blockchain developed by Crypto.com, is currently the best-performing cryptocurrency, having risen by 62% in the last 24 hours and nearly 200% in the past week.
