Dogecoin as we all know was invented as a Joke against the then-booming cryptocurrencies like bitcoin and etherum. Even the founder of dogecoin had stopped trading in it a long time and sold all their holdings. Currently, as of today, 6th May 2021 Dogecoin has surpassed companies like BMW, Honda, and many more such companies in terms of Market Capitalisation. More than 3Million people joined the Indian crypto trading app WazirX. Doge investors also crashed the servers of the popular American trading platform Dogecoin has increased from 0.04 cents in January 2021 to 69 cents on 5th May 2021. There are many factors that affected this huge increase in the price of dogecoin.
- Elon Musk: The first and primary factor affecting the price of dogecoin is the constant tweets from the Billionaire Elon Musk. Elon has been showing support to dogecoin since the start of this year. And the reasons that doge is moving upward is because Elon Musk is coming on the famous Americ show Saturday Night Live (SNL) on 8th May and people are excited about it that it will be the first time when Elon willing be saying about dogecoin for the first time on Live Television
- crypto trading Apps; The second reason for tur growth of the crypto market, in general, are CryptoTrading app like Robinhood in USA and apps like WazirX and CoinSwitch in India. These apps have simplified the whole process of buying and selling cryptocurrencies just through a few clicks.
- Mark Cuban’s Interview on The Ellen Show; Third and the next reasons being Billionaire investor and Shark Tank fame Mark Cuban’s Interview on The Ellen DeGeneres Show where they discussed the growth of dogecoin and Mark Cuban’s plans regarding Dogecoin.
- NBA team Dallas Mavericks accepting Dogecoin to buy tickets and merchandise; NBA team Dallas Mavericks is a team owned by billionaire investor Mark Cuban. The team recently announced that they are open to accepting Dogecoin from fans who want to buy match tickets and the team’s official merchandise.
Lastly, let’s see what happens on the 8th that’s Saturday. What do you think will Dogecoin reach the level of 1 dollar on the 8th.
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so these were the reason Why dogecoin gained more than 65% in a day hope you liked it