The price of dogecoin set a new record, surpassing $0.46 for the first time in history.
Meme-inspired cryptocurrency grew by almost 20% overnight, fueled by the news that eToro served 20 million users.
According to CoinMarketCap, Dogecoin is currently $0.4666 at the time of writing and is at an all-time high. It can be much higher once this is done.
Here are a few thoughts from Professor Carol Alexander as to why Dogecoin is rising once again.
Currently, the price of dogecoin rises by the retail-rebel-reddit (RRR). The price is so low that individual investors can hold many Doji Coins. It also took over the role of'traitor' that bitcoin has. And that's backed up by the same reddit forces that Elon Musk took a big institutional investor coordinating purchases from GameStop's startup whistle.
I think dogecoin will continue to rise in (very bumpy) prices and during this period I really hope it will restore its origins. The founders of Dogecoin set it as a joke and used the money they got for benevolent reasons. The Canadian bobsled team donated $25,000 to the Olympic Games and $50,000 to the water project in Nigeria. However, Musk saw it as a game because he played the lead role of Doji Coin in 2017. If you want the Dogecoin to have a fundamental economic value, it must be returned to the benevolent grassroots.