According to a recent report by Messari, Dogecoin ranked amongst the top-performing cryptocurrencies in Q1 2021.
Dogecoin, a popular meme token with a market capitalization of around $14 billion and a position among the top 20 largest digital currencies in the world, has received renewed attention this year. Nonetheless, it is up around 1,400% so far in 2021.
The crypto space flooded with institutional and retail investors fleeing conventional markets in search of inflation security. The meme token Dogecoin was one of the cryptocurrencies that benefited the most from this global economic crackdown.
Market participants were inspired by the “r/WallStreetBets drama” and created the SatoshiStreetBets subreddit to pump DOGE Price, according to analytics firm Messari. The aim was for this altcoin to closely resemble GME’s price action and provide a huge profit opportunity for cryptocurrency investors.
“DOGE was swept into the r/WallStreetBets drama, in which retail investors coordinated a DOGE pump, aided by the meme coins outsized social media presence,” reads the report.
Some of the biggest spikes in dogecoin’s history happened right after Elon Musk discussed it on Twitter. Also, it was fueled by celebrities like Snoop Dogg, Gene Simmons, and Kevin Jonas.
‘To the Moon’ is a term given by Wall Street Bets and used by people to indicate that the price rally of a cryptocurrency. People purchased significant amounts of Dogecoin (DOGE) as a result of Elon Musk’s tweet. This pushed the price up from a 24-hour low of 0.062 dollars to 0.078 dollars, a 20% increase.
Since last few weeks, DOGE transactions worth more than $100K have steadily increased, suggesting the presence of whales on the network. On March 29, there were approximately 840 large transactions, but there are now over 1,600 large transactions.
Because of their massive holdings and ability to manage buying and selling operations, whales have a disproportionate effect on markets. When the number of large transactions begins to rise, Dogecoin prices appear to rise as well.
Now that high net worth people are back, DOGE may have the capacity to resume its uptrend and make new all-time highs.
The Dogecoin price has rebounded this week. DOGE is trading at $0.112651. With its price being up by 50.3% in the last 24 hours. The total marketcap has surged to more than $14 billion, making it the 13th largest crypto.
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