On Thursday, March 28, the value of Dogecoin surged nearly 15% to $0.2203, the highest point since November 2021
As the cryptocurrency market continues to be active, the Dogecoin price recently showed a significant increase. The Zhitong Finance App learned that on Thursday, March 28, the value of Dogecoin soared nearly 15% to $0.2203, the highest point since November 2021. The price of Dogecoin has increased by 40% in the past week, and the year-to-date increase has reached 145%, and has risen 191% in the past year.
Apart from being influenced by Tesla CEO Musk's suggestion that Dogecoin may be accepted as a payment method for car purchases in the future, there seems to be no other major news directly contributing to the rise in Dogecoin's price. However, Dogecoin's rise is also in line with the upward trend in the cryptocurrency market as a whole. The latter's growth was partly due to strong demand for recently launched Bitcoin spot ETFs and expectations of an impending Bitcoin halving event.
This price increase allowed Dogecoin's market capitalization to surpass $31 billion on Thursday, surpassing Deutsche Bank (DB.US). For a token that was initially created as a mockery of other cryptocurrencies, such a market cap is certainly a huge achievement.
However, compared to the peak of $75.2 billion that Dogecoin reached during the cryptocurrency market boom in 2021, the current market capitalization still appears small. Since then, Dogecoin's value has dropped 62%.
Despite falling prices, Dogecoin's position in the cryptocurrency market remains strong and is currently the 8th largest cryptocurrency by market capitalization. This continued upward trend not only shows the enthusiasm of traders for venture capital, but also reflects the market's continued interest and interest in Dogecoin, a particular cryptocurrency.