Dogecoin [DOGE] entered into the top 20 cryptocurrencies by market capitalization after another hike took it past ZCash [ZEC]. With a market capitalization of close to $670 million, it is now comfortably past ZCash’s market cap of $620 million.The coin was worth $0.0050 on 7th September after it dropped below the mark earlier that day. The coin then rallied to $0.0054 on the same day and began a second rally on 8th September from $0.0052. The price of the coin went up to $0.0058, where it is currently trading. In the process, it grew by almost 12%, which is the latest in a run of rallies seen by the coin.
The coin recently went up by more than double its previous value over the past month. It was trading at around $0.0025 on 28th August, with the bull run beginning on 30th August. It went up to $0.0031, before spiking up to $0.0066 for a whopping 153% gain.
The coin is infamous for being a meme coin, as seen by its official logo. It is based on the ‘Doge’ meme, which is characterized by Shiba Inu dogs speaking in broken English. This was the attitude exhibited by members of the Dogecoin community after the recent hike in the price of the cryptocurrency, as seen by various memes commemorating the event.
Moreover, growth in Dogecoin comes at a time when the market is bleeding red, with major cryptocurrencies such as Bitcoin [BTC] struggling to hold their profits. Bitcoin is currently experiencing a slump of close to 0.07%, even as Dogecoin continues its profits.
More recently, enthusiasts are in a tizzy regarding the Dogethereum bridge that is currently being constructed. This will allow Dogecoin tokens to be available on the Ethereum blockchain. A demo was presented recently, as stated by Alex Van De Sande, a developer on the team. He said:
“In a few minutes @coinfabrik and @oscarguindzberg will be presenting to the judges their work on creating a magic portal that allows any Doge to live inside Ethereum as a token.”
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