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Dogecoin (DOGE), the infamous meme-like cryptocurrency that continues to elicit both affectionate hype and thinly-veiled derision, has posted some of the cryptocurrency market’s biggest gains this week.
As of this writing, the cryptocurrency is priced at about $0.137, up an impressive 86 percent in the last 24 hours and more than 122 percent in the last seven days. Its rally has earned the coin a place in the top ten biggest cryptocurrencies by market capitalisation, according to CoinMarketCap data.
DOGE’s sharp rise represents the current highly bullish environment in the cryptocurrency markets: today’s Nasdaq listing of major American cryptocurrency exchange Coinbase’s COIN stock has added to the hype, leading to record-breaking rallies for both Bitcoin (BTC) and Ether (ETH) this week.
Yet the “joke” coin’s parabolic price moves also potentially reflect the consistent endorsement of the coin by high-profile celebrities such as Elon Musk, Snoop Dogg, Gene Simmons and others. Musk’s role in raising the profile of the coin was so conspicuous that it even sparked rumors in February this year of a possible investigation by U.S. securities regulators into his possible influence on Dogecoin’s price.
The coin has attracted supporters from all walks of life, including the media, athletics, and entertainment industries. Mark Cuban noted in a tweet today, April 14, that the Dallas Mavericks’ merchandise shop has seen a 550 percent rise in DOGE sales over the past month. “We have now sold more than 122k Doge in merchandise,” he revealed. Already in early March, Cuban claimed the basketball team merch store had become the “largest Dogecoin merchant in the world.”
According to Messari’s Mira Christanto’s analysis, r/Dogecoin was the third-most successful crypto-related forum on Reddit earlier this month, following only behind the popular r/CryptoCurrency and r/Bitcoin communities.