Despite a horrific ‘Dogeday’ at the end of last month, it’s hard to be disappointed if you are a Dogecoin owner who has held the cryptocurrency asset since the start of the year. This is because Dogecoin, whose ticker symbol is DOGE, has risen 5,000% since the start of 2021.
The cute cryptocurrency and bitcoin rival debuted in 2013 as a tongue-in-cheek joke. Dogecoin is based on the Doge meme. But since the start of the year, this coin joke has taken off. With a value of just $ 0.005 on January 1, 2021, DOGE made $ 0.41 per coin on April 20, 2020, the day Dogecoin enthusiasts proclaimed “Dogeday”. It was a day when these enthusiasts were hoping the social media hype could take DOGE to $ 1 a coin. This did not happen, and instead the currency fell to $ 0.23 over the next few days.
But as of today, Dogecoin is back on its hind legs. The cryptocurrency has hit an all-time high of $ 0.43 at the time of writing.
So why is DOGE breaking the barriers again? It’s hard to know for sure, but one of the main factors could be that yesterday the popular online trading platform eToro opened up trading in Dogecoin. With eToro supporting DOGE trading, this lends a bit more legitimacy to the cryptocurrency itself. That being said, cryptocurrencies, in general, are very volatile and this is even more true for coins like DOGE. So think carefully before you throw your savings in a coin. This rally could still be more barking than biting.