The rise in Dogecoin (DOGE) came on the back of chaotic risky trading by retail investors after the cryptocurrency got noticed from a lot of users on the Reddit message board.
In 2013 DOGE was formed as a joke to the world’s first-born cryptocurrency, Bitcoin, rose over seven times in a period of 24 hours to reach a market capitalization of $7 billion.
DOGE was trading at $0.051881, up by 357.1% at around 2.15 pm (IST). Previously, shares of GameStop also had seen a huge increase due to comparable interest on social media and chat rooms, including GameStop.
This growth is certainly not a joke as someone is making money and someone is losing money. Nevertheless, the increase in Dogecoin does not signify any value as the boost may not continue.
There are also worries that such a rapid increase in Dogecoin without any abcs might delegitimize the crypto market. A lot of individuals are discussing it and it is negative as it is occurring for the incorrect motives. Although it does not create delegitimizing the crypto trade, however, a coin going so excessive without providing value is counterproductive.
Bitcoin was back to a solid rising curve, whilst Ethereum noticed a comparable higher growth.