full moon over sea

On Friday (April 16), heavy buying by retail traders is making the price of Dogecoin ($DOGE), the world’s favorite meme cryptoasset (and definitely Elon Musk’s favorite cryptocurrency) soar to such high levels that it is leaving many crypto analysts speechless.

For example, on crypto exchange FTX, currently (as of 03:40 UTC on April 16) Dogecoin is trading around $0.2691, which means that it in the past 24-hour period, Dogecoin has gone up an incredible 106.20%, giving it a market cap of around $35 billion, thereby making it the 8th most valuable cryptoasset (by market cap).

Five-Day DOGE-USD Chart (FTX) by TradingView

According to data by CryptoCompare, as of 03:50 UTC on April 16, Dogecoin is the #1 cryptoasset by 24-hour total trading volume (in USD) across all exchanges.

Top 10 Cryptoassets

Dogecoin’s return on investment (ROI) vs USD for the past 7-day, 14-day, 30-day, and 1-year periods are 337.0%, 337.6%, 359.4%, and 13,753.1% respectively.

During the past few months, two billionaire have done a lot to help Dogecoin get to where it is today. These two people are Tesla CEO Elon Musk and Dallas Mavericks majority owner Mark Cuban. Both have talked numerous times about Dogecoin on Twitter and during interviews.

For example, Cuban sent out this important tweet on Wednesday (April 14):

And Musk sent out the following tweet yesterday (April 15):

As for those members of the cryptocommunity who says that the huge success that Dogecoin has enjoyed over the past one year is giving crypto “a bad look”, this is what Cuban told a Forbes reporter back on February 8:

As for Dogecoin’s most recent price action, crypto analyst Joseph Todaro, a partner at Greymatter Research, had this to say:

And crypto analyst and trader Scott Melker (aka “The Wolf of All Streets”) also said that he was enjoying watching the Dogecoin pump:

For those members of the crypto community who do not hold any Dogecoin and are angry to see Dogecoin have a higher market cap than their favorite cryptoassets, popular pseudo-anonymous crypto analyst “Kaleo” offered these words:

Featured Image by “photo-graphe” via Pixabay.com

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a high risk of financial loss.