AnalysisCryptocurrency news

Dogecoin (DOGE) Is Now The 5th Largest Cryptocurrency: Why DOGE Is Rising?

Dogecoin (DOGE) Is Now The 5th Largest Cryptocurrency: Why DOGE Is Rising?

DOGE, which was seen as a joke-oriented crypto money by the former names of the crypto money industry and emphasized that it has no value , now has a market value of $ 50 billion.

DOGE Price Does Not Stop

The DOGE price has absorbed the blood of the entire cryptocurrency market, achieving an unimaginable increase of 192% within 24 hours. The total value of the cryptocurrency market stands at $ 2.236 trillion, and Bitcoin’s market capitalization is seen to be $ 1.135 trillion. This indicates that altcoins are still standing despite the sharp decline. One of the symbols of this resistance is certainty DOGE.

Although DOGE has gained 500% and above on the 7-day chart, it is seen that the real boom was experienced with an increase of close to 200% within 24 hours. The DOGE price has now reached the level of $ 0.4 and even the 3 TL threshold has been exceeded. With this rise, DOGE entered the top 5 for the first time after 2016. When DOGE was last in the top 5, it was worth just $ 31 million, and it currently stands at $ 50 billion.

More Valuable than DOGE, ASELSAN and Koç Holding

Doge in Turkey for a clearer understanding of the current market value will be enough to look at the largest companies. According to 2020 data, Koç Holding’s total value was announced as 6.5 billion dollars, while ASELSAN’s value was announced as 6.2 billion. This shows that DOGE actually exceeded ASELSAN’s market value in 2020 by almost 8 times. DOGE managed to get ahead of even giants like ING Bank and Ford with this valuation.

The reason for this increase in the DOGE price is unknown and it is thought that it may only be FOMO. Although many investors contribute to this madness by buying from the top, the decline can be very drastic.

Samuel Hegi

Samuel Hegi , who first became acquainted with blockchain technology in 2014, is highly critical of blockchain technology. Samuel Hegi, a journalism graduate from the University of Brighton Theblockchainnew.com he is the editor-in-chief of the news portal. Blockchain is love.

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