Dogecoin DOGO/USDThe meme-based cryptocurrency, originally created in 2013, has witnessed a dramatic surge in its value and now exceeds the market capitalization of two publicly traded exchanges. Coinbase Global Inc. COINY Robinhood Markets Inc HOODAs the “crypto winter” takes a toll on their share prices.
What’s happening: Dogecoin’s Present price is $0.07 and it has a market cap of $9.65 billion.
Compared To Coinbase, shares of which have a market capitalization of more than $7.98billion, are trading at $35.17. This is lower than its record high of $357.39.
Robinhood, which enables users to trade stocks and cryptocurrencies, has a market cap of $7.27 Billion. Its shares are currently trading at $8.23, down from $70.39.
Why it matters: Dogecoin’s Rise has been fuelled by the influence of social media and online communities. The token is especially popular on platforms like Twitter, where memes about it abound. On Reddit, many users have voiced their support for the token, encouraging others to invest in it.
This heightened hype led to an abrupt surge in its price last year, but it has since retracted to below the dime mark.
Another factor that has contributed to Dogecoin’s Success is the backing it has received from high-profile individuals such as Tesla CEO Elon Musk.
Musk, a vocal advocate of Doge, often tweets about cryptocurrency and even changed his Twitter bio to include a Shiba Inu-themed reference to the coin.
It is however important to remember that the cryptocurrency market is volatile and the value of any cryptocurrency can fluctuate considerably over time. This is evident in the case of Dogecoin.
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