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Dogecoin (DOGE) continues its rapid rise as the beloved meme coin crossed the $0.60 barrier for the first time. A new all-time high of $0.6225 made it to the books after a 24hour staggering increase of 40$% according to CoinMarketCap data.
Its latest surge came after major crypto exchanges Gemini and eToro announced its customers can now trade the ‘people’s money’ Dogecoin.
While Dogecoin was originally intended for some good fun, it is turning out a profitable one considering its outrageous surge since the start of the year. At the beginning of the year the coin was only worth one cent, meaning over a 50x profit for the early ‘faithful’
A warning should go out to (new) investors to stay on guard, given the coin’s 50% price drop just a few weeks ago.
It is unsure if DOGE’s valuation is already including the anticipation of Elon ‘Dogefather’ Musk’s appearance on Saturday Night Live this coming May 8. Or that we can see another explosion to the $1 mark by then.