The price of Dogecoin has clearly gone up without any pressure from prominent social media figures or serious project development.
According to CoinMarketCap, Dogecoin (DOGE) is valued at over $ 0.18 at time of publication and has a market value of around $ 23.8 billion. The recent rise of the token has increased its price by more than 63% in the past 24 hours, overtaking both Uniswap (UNI) and Litecoin (LTC) and becoming the eighth largest cryptocurrency by market cap.
In recent days, many stores have used currency as a method of payment. The popular Miami nightclub announced Tuesday that it will accept DOGE when it reopens as payment for tables, drinks and merchandise.
Mark Cuban, Dallas Mavericks owner and spokesperson for DOGE, has also revealed that the basketball team store has sold more than 122,000 items of DOGE – more than $ 16,000 at launch – since they first accepted the token in March. Cobain said the team “will never sell a single dog”.
While Tesla boss and DOGE enthusiast Elon Musk tweeted one of his memes at the height of the price hike, the recent rally may simply reflect the climate surrounding the crypto market. Continued media attention focused heavily on Nasdaq-listed Coinbase this week as the price of Bitcoin (BTC) and Ether (ETH) reached all-time highs.