With a sharp sell-off that gripped cryptocurrency markets since the beginning of the year, a coin deemed as the biggest joke by many in the community has became the outlier to crypto-land this time.
Dogecoin, an alt-coin inspired by a Doge meme, has jumped more than 160 per cent over the last 30 days, according to data on CoinMarketCap, a website tracking crypto trading performance. In fact, Dogecoin is the only crypto that’s posted big gains in the last month, with all of the other coins including bitcoin and ethereum suffering from double digit losses.
Dogecoin now has a market capitalisation of $US729 million, which let it surpass Zcash and become a top-20 cryptocurrency by market cap.
The outlandish surge of Dogecoin comes soon after it was added to the popular trading app, Robinhood, in mid-July.
The token’s rise may also be attributed to a recently released demo demonstrating a successful bridge that links Ethereum and Dogecoin network.
The name of the Dogecoin coin is an homage to the popular internet meme known as Doge, which became popular in 2013 and features the face of a dog with comic sans texts in the background.
Business Insider Emails & Alerts
Site highlights each day to your inbox.