Dogecoin recently set a new all-time high and the $ 0.48 level broke as the “#ToTheMoon” hashtag came into the agenda on Twitter.
Known by its supporters as the “public cryptocurrency”, Dogecoin has seen a notable rise in recent months, largely thanks to campaigns on social media platforms such as Reddit and Twitter. Now, Dogecoin has become the 5th largest cryptocurrency in terms of market capitalization.
As seen, Dogecoin has achieved an impressive rally in recent weeks. So what’s behind this rise? A few reasons for the rise can be listed for Dogecoin, which has recently set a new ATH of $ 0.4854. Here are the most notable of them:
Dogecoin has many supporters, especially Elon Musk. It is a known fact that Dogecoin broke a record after record thanks to Musk’s Twitter posts. Apart from Musk, the other noteworthy Dogecoin supporter Mark Cuban.
Mark Cuban, owner of Dallas Mavericks, one of the NBA teams, said in his Twitter post yesterday, “If more and more companies use Dogecoin for products and services, then this coin will turn into a more accepted coin. So DOGE may have more purchasing power than dollars in your bank account.
If interest rates skyrocket or decrease in the amount spent, then DOGE will skyrocket. Yes, a joke has now become legal. ” used the expressions. The support of these names makes Dogecoin more reliable and may therefore have a positive effect on the price.
In addition, eToro announced that it is listing Dogecoin. According to the official statement, Dogecoin trades became active the other day. It can be said that this support has also had a positive effect on the price.
Also, as a hot development, Oakland Athletics, one of the teams of the American National Baseball League, announced that it started selling tickets with Dogecoin for the Toronto Blue Jays match.
Although Dogecoin is referred to as a joke crypto money, the number of its supporters is increasing day by day.