Proof that the market has gone into a rotation phase is the fact that Dogecoin became more valuable than Twitter!
In almost two weeks, DOGE almost doubled its market cap, generating around $50 billion in gains.
Elon Musk is playing an undeniable role in this. It is a fix that Musk will mention Dogecoin during his upcoming tv appearance on Saturday Night Live this coming May 8th.
Alongside supporting celebrities, the big fundamental benefit is the fact that more products and services can now be paid with the meme-based token. Merchants begin to accept DOGE.
DOGE is Killing it!
Skeptics insist on remarking that DOGE lacks a backup asset value, but then how can we explain its sustained efficiency?
Defying conventions, Dogecoin continues uphill overpassing Cardano on its way. Doge’s year-to-date (YTD) gains increased 7,800%.
Billy Markus, Doge’s co-founder, said that expecting 1 Doge to reach $1 dollar is beyond his comprehension. Markus admitted that the dog-meme based token was born to ridicule the ultra serious crypto industry, and that outdoing companies like Twitter was unthinkable.
If Doge’s market cap surpassed Twitter’s, its now at striking distance of companies like Philips Electronics, Honda and Volvo. Its remarkable that all of these companies do produce tangible goods/services and also own assets.
For Markus, trying to explain why his token had such spectacular growth is impossible. He is more of the idea that people don’t live in reality any more. If we observe the new divergent crypto markets and compare it with the real economy, we can understand Markus’ point.
How Long Can DOGE Keep Rising?
For Charles Hoskinson, CEO of IOG, Dogecoins current price raise is a bubble, attributing its performance as a result of Elon Musk’s support and clever market manipulation.
Hoskinson fears that a possible DOGE price fall would bring regulators to the scene, affecting the cryptocurrency industry in its all.
Despite adverse comments and skepticism, Dogecoin is more resilient than Cardano and keeps its pace upwards.
Those comments were made two weeks ago. Since then, DOGE has proven more resilient than Cardano. We must agree its time conventions and fundamentals reformulate.
