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Dogecoin Capitalization Grew by $6 Billion in 24 Hours

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Dogecoin capitalization

Dogecoin capitalization grew by $ 6 billion in 24 hours

On the morning of January 29, the altcoin price rose to an all-time high of $ 0.0875. During the day, the coin has risen in price by 460%.

Dogecoin capitalization

On Friday, January 29, the Dogecoin rate on the BitXmi crypto exchange for the first time rose to $ 0.0875. Dogecoin capitalization exceeded $ 10 billion, according to this indicator, the asset occupied the sixth line, after which its price decreased and it dropped to eighth place. At the moment, the cost of the altcoin is $ 0.047.

Altcoin Growth Reasons

The altcoin price began to rise yesterday morning after it was mentioned by a Twitter user under the nickname WSB Chairman (more than 700 thousand subscribers). He first asked if anyone was holding Bitcoin, then asked why everyone was talking about Dogecoin. WSB Chairman is one of the active participants in the recent pump of shares of various companies, including the Gamestop video game store chain. During the month, their quotes grew more than 11 times.

Also a few hours ago, the head of Tesla and SpaceX Elon Musk posted on his Twitter a comic magazine cover with a dog and the name Dogue. Musk has already written about the altcoin several times, after which its value has increased. For example, on December 21, 2020, Musk posted a post: “One word: Doge” and changed the description to “Former CEO of the Dogecoin project” (Musk’s old joke).

The altcoin was created in 2014 with no purpose of practical use. Its symbol is a photograph of a Shiba Inu dog.

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Disclaimer: Bitxmi News is a news portal and does not provide any financial advice. Bitxmi's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Bitxmi News won't be responsible for any loss of funds.

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