A significant amount of capital flooded the cryptocurrency industry, pushing the total market capitalization to new record highs.
Surprisingly, one of the cryptocurrencies that benefited the most was Dogecoin. The meme token skyrocketed by a whopping 1,800% within the first 29 days of the year, providing a quarterly return of 1,050%. It outperformed some of the top cryptocurrencies by market capitalization due to its unprecedented price action.
DOGE seems to have been swept into the r/WallStreetBets drama as a wave of celebrity endorsements and coordinated buying activity helped prices pump.
Dogecoin’s volatility is not something new. Those of us who have been in the cryptocurrency space for a while have seen this altcoin pump and dump without retaining any of the gains. Nonetheless, the fact that DOGE rose another 750% in April had many of us scratching our heads.
“Is the meme token in a bull market? Does it have intrinsic value? Why is Dogecoin pumping so much?,” were some of the questions circulating crypto Twitter. While nobody knows whether the fundamentals support the rising prices, the truth of the matter is that the hype is real.
I have seen the number of subscribers on Dogecoin’s subreddit surge by more than 300,000 in the past few weeks. Everything started after the #DogeDay420 hashtag took over Reddit and Twitter. Allegedly, the crypto community attempts to push Dogecoin’s price up to $4.20 by Jun. 9.
Such a colossal pump would represent a 1,400% upswing from the current price levels.
Yup, you read that right a 1,400% pump!
I have no idea whether cryptocurrency enthusiasts would be able to coordinate what could be called “the mother of all pumps.” Still, I’m thinking about contributing to the cause by investing $100 of my hard-earned money. I could walk out with $1,400 or with a bunch of worthless altcoins, but who cares?
If the idea is to give bankster the middle finger, I’m up for it.