The Dogecoin cryptocurrency reached an all-time high on Wednesday May 5th, marking a crazy rally in 2021, which brings it to the fourth position in the cryptocurrency market.
Dogecoin, which launched in 2013 as a meme, has risen 41% in the last 24 hours, to $0.68, according to CoinMarketCap.
This year alone, it rose more than 14.000%, from $0.00468 on December 31st, to fourth in the crypto market in terms of capitalisation.
Dogecoin remains underused in trading or payments. Like other cryptocurrencies, it is extremely volatile and its price is greatly influenced by social media users.
The New York cryptocurrency exchange Gemini announced on Tuesday that it will allow Dogecoin users to buy and sell, with a mix of retail investors and manufacturers fuelling its trading volume.
“Right now, Dogecoin is considered an amazing asset that provides opportunities for many who want to take advantage of the volatility of its price every year.”
Dogecoin currently has a market capitalisation of $88 billion, compared to $1 trillion for bitcoin and $391 billion for Ethereum.