CONTEXT NEWS - Dogecoin, the digital currency created as a parody of bitcoin, was trading at over $0.50 on the evening of May 11, almost 10 times its price at the end of March. It comes after Dogecoin rose more than 14,000 percent since the start of the year and hit an all-time high this week. That represents a gain in value of 1163% in that time frame. The performance of Dogecoin, which soared by 54% overnight to a new all-time high of about $0.68 on some exchanges, dominated discussions in the broader cryptocurrency world. Dogecoin, a meme-inspired cryptocurrency, hit a record high on Wednesday after reaching about 69 cents. It hit a record high of $3,610.04 on May 7. When a Twitter user pointed out that 20 addresses hold about 50% all Dogecoin and one address alone holds 36.8 billion Dogecoin, Musk said, that "does seem a bit high." Dogecoin has now emerged as a tough competition to Bitcoin and Ethereum. So far this year, Dogecoin, at $0.072, as of midday April 12, is almost 12 times its price of $0.0057 at the end of Dec. 31. In other words, $40,000 invested in Dogecoin one year ago would be … RECOMMENDED READ: Bitcoin is a 'non-sensical' currency that is nevertheless meaningful, says the UK Investment Manager. Dogecoin DOGEUSD, -5.25% prices immediately shot higher, after bitcoin BTCUSD, -4.40% took a large hit in the wake of Wednesday’s announcement.Tesla’s TSLA, +1.63% purchase of … 2020. Dogecoin started as a joke in 2013 and is based on a popular meme, but last week, investors saw its value skyrocket 500%, according to Friday data from CoinMarketCap.com. With it's price up over 12,000% this … Bitcoin's … Dogecoin The digital currency Dogecoin was started inspired by a meme featuring a Shiba Inu dog in 2013. In the past year, Bitcoin's price has jumped over 600%, but Dogecoin has surged an incredible 2,400%. Elon Musk said he was working with dogecoin developers after Tesla suspended bitcoin payments over environmental concerns, sending dogecoin higher. Ethereum’s market cap as of May 8 was $410 billion, according to digital currency data tracker CoinGecko.com. Should bitcoin enter a bull run similar to the one from 2017, Doge price prediction will look much brighter as price of Dogecoin can surely climb up to its previous all time high, but reaching $1 is a holders pipedream and borderline fantasy.
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