Shiba-Inu-themed coin, Dogecoin (DOGE) has been on a tear for days, ahead of the Saturday Night Live (SNL) show which will feature the CEO of Tesla Inc (NASDAQ: TSLA) Elon Musk. Musk has self-installed himself as one of the major proponents of DOGE, often using his tweets to boost sentiment surrounding the digital currency. With the SNL show incoming, many are projecting the electric automaker boss to double down on his interest in the cryptocurrency, a move that can further send its price spiking. Dogecoin is gradually becoming more than a joke it was created to be, and its growth of over 10,000% in 2021 alone has charted a highly ambitious path for it thus far. The coin has not just soared to become a part of the top ten cryptocurrencies by market cap, it is ambitiously climbing up the ladder. At the time of writing, Dogecoin is ranked the 4th largest crypto by market cap.
Over the last 24 hours, Dogecoin has surged over 20% to $0.66 atop a 115.59% growth in the past week, according to data from CoinMarketCap. Dogecoin’s continuous surge has complemented the bullish rallies made by a host of altcoins, all of which have combined to reduce the dominance of Bitcoin in the global crypto market.
Big Proponents, Increasing Acceptance in the Marketplace
The retail FOMO, an acronym for the Fear of Missing Out, on the ongoing Dogecoin price pump has had a unilateral effect in pushing the price of the asset upward. While the impact of retail investors cannot be ruled out in the burgeoning Dogecoin valuation, the role of other big proponents including Elon Musk and Mark Cuban is also invaluable.
Cuban on his part has taken on an evangelical path, advocating for the broad adoption of Dogecoin as a payment method, a move that his NBA side, Dallas Mavericks has pioneered. Cuban has even called out Robinhood, for its restrictions in permitting withdrawals and the ability to spend the Dogecoin purchased on its platform. From the criticism, there is a likelihood for the no-commission trading platform to integrate withdrawals for DOGE and its supported cryptocurrencies in the near future.
The boosted sentiment about Dogecoin as championed by Musk and Cuban as well as others has pushed many retail outlets to begin accepting Dogecoin. This move is all but increasing the utility surrounding the coin, and its valuation.
How High Can Dogecoin Soar and Will It Leave Its 4th Position?
The growth of Dogecoin has already been super impressive, and many proponents are pondering how high the coin can grow. With its current ranking as the fourth largest crypto, at a price of $0.6, many believe a continuous surge toward and above the $1 price mark may push it to surpass Binance Coin (BNB) as the third-largest digital currency, a feat Billy Markus would not have envisaged while creating the virtual asset back in 2013.
Digital currencies however are very volatile and prices are usually not stable. Attaining a higher rank per boosted price valuation is one thing, maintaining the ranking is another. The growing ecosystem around the coin, however, is seen by many as the basis for more stability for DOGE in the near future.