A meme cryptocurrency; Dogecoin is famous among new investors and traders who have been following the token’s rise since Elon Musk started supporting and pushing out various statements supporting the new cryptocurrency. The digital currency, which started as a joke, has seen many vicissitudes in a short period since last year, and the retail trader base and investors are well aware of the fluctuation in price.
Dogecoin’s popularity took the market by surprise as more and more people started showing interest in the cryptocurrency after Elon Musk began tweeting in favor. The market trends show a high curve as the prices and demand for a cheaper alternative to Bitcoin and Ether started to emerge in the market. Recently, as Coinbase Pro announced that they would accept Dogecoins and make the cryptocurrency available to trade for its customers, the cryptocurrency’s market capitalization rose significantly, making it the sixth-largest token in the crypto trade. The token value increased nearly 31% in 24 hours on Wednesday. This excited the cryptocurrency market even more because dogecoin currency functions as a cheaper alternative to Bitcoin. It is more efficient, and runs on the ethereum platform, and has little to no additional transaction costs associated with it.
The cryptocurrency market has always had a reputation of being volatile to little changes in the market space. Market analysts and traders will agree that Dogecoin has had its fair share of variations since the beginning of the year as a relatively new cryptocurrency. Investors from different tiers follow Elon Musk to mimic his trading actions and invest in the cryptocurrencies he begins to praise, as those cryptocurrencies tend to rise in per token prices significantly shortly afterward.
The meme cryptocurrency rose higher as more and more investors started investing in the smaller tokens while sitting at home looking for reliable options that market leaders suggest. Being the world’s second-richest man, Elon Musk has been giving out advice and hinting on the potential of cryptocurrencies, in general, has been influential enough for traders to start investing in the smallest of crypto tokens available in the market. The cryptocurrency has not seen a significant change in usage for commercial trades or payments, even though the prices are on the rise. The online trading applications are increasing, expanding the availability of these tokens to the public. It is yet to see how the introduction of Coinbase Pro is likely to affect the meme cryptocurrency apart from the sudden growth in token price.