Dogecoin may be showing a lot of success right now — but how does it stack up against one of the biggest cryptocurrencies in the world?
Dogecoin vs. Ethereum
Ethereum — the second-largest cryptocurrency in the world behind Bitcoin — recently shot up by 25%, becoming valued at $3,000 per ether (the name of the cryptocurrency’s specific coin), according to Forbes.
But, according to Forbes, Dogecoin had a bigger gain, rising by 50% within the last week. And the cryptocurrency type has jumped by 5,000% since January alone.
- “The Dogecoin price has so far held its ground, defying critics who have warned its price is likely to come crashing down as quickly as it has risen. And cryptocurrency traders hoping Dogecoin will hit $1 — up from around 38 cents — continue to pile in,” according to Forbes.
Why did Dogecoin spike?
The meme-based Dogecoin had a spike in summer 2020 because it went viral on TikTok, as people started to invest more into the cryptocurrency.
More recently, major names like Tesla founder Elon Musk and Dallas Mavericks owner Mark Cuban started publicly talking about it, the Deseret News reported. Cuban has specifically called for people to start using Dogecoin as a form of currency, which will allow it to grow.
Carol Alexander, a finance professor at the University of Sussex Business School in England, recently told Yahoo! Finance that the cryptocurrency will continue to rise in value.
- “I think Dogecoin might continue a (very bumpy) rise in price,” she said, as the Deseret News reported.