Dogecoin price: What is Dogecoin's all-time high? How much has it increased by this year?
DOGECOIN'S unexpected surge this year came at the behest of Elon Musk, who has paraded the cryptocurrency on social media, causing a frenzy on the established market. What is Dogecoin's all-time high, and how much has it increased by this year?
Dogecoin ‘is pure speculation and will end badly’ says Yusko
Dogecoin emerged as an unlikely competitor amongst some of the world's most established cryptocurrencies this year, as its popularity exceeded high-value tokens for weeks on end. Tesla CEO Elon Musk latched on to the coin, which developers created in 2013 to satirise the market, earlier this month. His involvement has launched the coin's price by a four-figure percentage on a path "to the moon".
Has Dogecoin set a new all-time high?
Dogecoin started its stratospheric trend in late January this year.
By January 29, it had hit roughly $0.051, up from $0.0085 just days before.
A month later, it pushed through another benchmark, rising to $0.082 before dipping again.
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Dogecoin finally hit its latest all-time high one week ago today, after rallying to $0.37 on April 17.
By April 20, it had reached $0.41, fulfilling a desire by backers to dub the date - which translates to 4/20 in the US - "Doge Day".
DOGE's total worth has increased by nearly $0.40 in total.
Those who invested just $1,000 in the currency in January will have found their profits increase nearly 100-fold to around $93,127.
The overall percentage increase sits at roughly 4,500 percent, more than any other currency has grown in the last year.
The coin now sits at roughly $0.274624, with growth at 1.97 percent.
But it is still a far cry from other established coins such as Bitcoin (BTC), which is worth tens of thousands more.
The coin holds the top spot on the market, with one unit equal to $54,850 (£39,598).
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None of the fringe currencies surging through the market currently stand a chance at overtaking it.
But there is one other coin that could eventually catch up; Ethereum.
Developers created the unit after DOGE in 2015, but it has gained a total value of $2,650.09.
Total growth sits at an estimated 7.28 percent, exceeding Bitcoin's 3.13 percent.
Investors have convinced themselves the coin can ultimately gather even more momentum.
But according to eToro analyst Simon Peters, this may take some time.
He told Crypto AM: “Ethereum could certainly challenge Bitcoin for the number one spot among cryptoassets in terms of market cap, but it will be a few years yet before this could potentially happen.
“We must remember both tokens were created for different reasons. Bitcoin is a decentralised currency and Ethereum is a platform to build decentralised apps that make use of smart contracts.”