Dogecoin rises by 428.2%; fans celebrate “#DogeDay420”

DOGE soars to a record high of $0.41 on April 19. The coin, which appears on the market as a joke, surprisingly rises by 428.2% within seven days. Supporters over the internet highly support Dogecoin to reach $1 on April 20. The day will be called “DOGE day.”

Dogecoin has reached some financial milestones that seemed unattainable at the beginning of the year. Its market value has exceeded 50 billion U.S. dollars, surpassing Ford or Marriott. Moreover, if it reaches its target close to Tuesday, it may beat some blue-chip companies.

Dogecoin has been worth only half a cent for most of its seven-year history. It is programmed to issue 10,000 new Dogecoins every minute for the rest of eternity. It means that the value will never hold. This cryptocurrency will always stay cheap. Even the creators of the coin is surprised by its rise.

However, at least one person or company may make money in the Dogecoin boom. In February, news broke that an unknown entity currently holds about 28% of Dogecoin in circulation, about 38.6 billion Dogecoin.

General atmosphere on the cryptocurrency market

The current state of the cryptocurrency market has produced different feelings in different camps. Over the weekend, Bitcoin (BTC) and major altcoins plummeted.

Many people believe it was long overdue, as the markets had risen sharply. In fact, the total market value of cryptocurrencies temporarily exceeded the $2 trillion mark. Bitcoin fell sharply and quickly stabilized at around $55,000.

However, the DOGE camp celebrates. The memetic heuristic coin continues to exceed expectations, increasing by 25% in the past 24 hours. At present, its market value has exceeded 55 billion U.S. dollars.

High Hopes on Dogecoin

Inspired by the rally, Mark Cuban said that the Mavericks would not sell Dogecoin from the sale. Earlier this year, the Dallas-based NBA team began accepting Dogecoin payments in its online store.

The Cuban is excited about the high sales volume and the price of Dogecoin. However, he still has a long journey ahead.

Besides, Tesla CEO Elon Musk is one of the well-known advocates of DOGE. He tweeted a few tweets, which caused the price of the coin to skyrocket. His recent tweet brought the price of the coin to an all-time high.