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The most famous meme of all time In a single year, bitcoin has increased by 12,600%, resulting in a slew of millionaires.
Dogecoin (DOGE), the meme-based altcoin that has been Elon Musk’s favourite talking point, has doubled in 24 hours to reach all-time highs of $0.29.
DOGE leaves others in the dust
Data from TradingView showed DOGE/USD outperforming other major cryptocurrencies by an order of magnitude on April 16.
In an almost incredible leap, Dogecoin has now surpassed Litecoin (LTC), Chainlink (LINK), and Uniswap (UNI) to become the eighth-largest cryptocurrency by market value.
A single DOGE was worth about $0.25 at the time of publication. Gains on any timeline were outstanding — 80 percent on the day, 300 percent over the previous week, and year-to-date gains in excess of 5,000 percent.
Dogecoin is up 12,600% compared to the same date a year earlier, just after the bottom of the brief 2020 bear market.
Also experienced traders seemed to be taken aback by how they reacted.
“This is the first DOGE pump I have missed in years, but I still absolutely love to see it. Favorite asset of all time, changed my life in 2017. Happy for you guys who are in it, innit?” Scott Melker tweeted.
Turkey passes crypto transaction ban
Meanwhile, as with altcoins in general, Doge’s unprecedented change of fortune came at the detriment of Bitcoin (BTC) on the day, with the largest cryptocurrency expected to retest previous all-time peaks about $61,000.
Several checks of $61,000 funding opened the way for further declines on Friday, taking regular losses to about 2.8 percent.
Bitcoin’s market cap supremacy peaked at 52.1 percent, a figure that has fallen noticeably in recent weeks as altcoins see their moment, which some experts say will only plateau later this summer.
A transaction ban imposed by Turkey’s central bank was expected to have exacerbated the loss of upside traction, owing to the possibility of “irrepairable” side effects to the country’s developed fiat payment network.
“It is considered that their use in payments may cause non-recoverable losses for the parties to the transactions due to the above-listed factors and they include elements that may undermine the confidence in methods and instruments used currently in payments,” Reuters said.
Ether (ETH) also showed signs of cooling, returning lower to $2,400 after reaching all-time highs above $2,500 the day before.