Search ForexCrunch
  • DOGE/USD has seen a massive pump to $0.006 thanks to a viral TikTok challenge.
  • Dogecoin is slowly becoming one of the most influential cryptocurrencies in the market.

Everyone knows about Dogecoin, the digital coin started out as a joke but quickly became one of the top cryptocurrencies in the world. It is currently ranked 27th with a market capitalization of around $500 million which has been as high as $1.8 billion in January 2018. The viral TikTok challenge almost tripled DOGE’s market capitalization and has quadrupled its overall trading volume.

DOGE is one of the most used cryptocurrencies in the market

Even though Dogecoin started out as a joke, it has remained one of the most popular cryptocurrencies with around 50,000 transactions per day. According to Statista, the most popular coin is Ethereum with 753,000 transactions per day followed by Bitcoin with 298K and DASH and BCH, both close to 43,000. Dogecoin is third with an average transaction value of around $9,000 but one of the lowest fees at $0.004. In comparison, Ethereum average fees are currently at $0.62.

This pump is not the first that Dogecoin experiences and will probably not be the last as it has become a meme in the crypto market and is loved by many celebrities including multi-billionaire genius Elon Musk which stated that DOGE is his favorite coin. 

DOGE/USD daily chart