Dogecoin has broken the 30 billion dollar market capitalization, and it is currently 25cents per Dogecoin. Dogecoin has surged fast, and from the look of things, it is on the run to one dollar.
Dogecoin and Ethereum are breaking all-time highs; Ethereum is gaining $100 per day at the rate it is going. Ethereum may likely break out at some point when FOMO kicks in, and more retail investors are getting into the crypto space.
There are some speculations about Dogecoin and different services which explain the FOMO going on. `
Looking at the crypto market, Bitcoin has been sitting still while Ethereum has steadily been climbing, breaking all-time highs again at $2,500. Ethereum has broken all-time highs three days in a row; some people predict a $5,000 Ethereum by the end of May.
Dogecoin has continued to climb and has broken 25 cents, and it is amazing how much it has surged in the past 24 hours alone. Dogecoin is up by nearly 300% on the seven-day column. You have to keep in mind that Dogecoin has a circulating supply of neatly 130 billion coins; this is more circulating supply than any other top 100 cryptocurrencies. You also have to note that the top twelve holders of Dogecoin own nearly 50% of the total supply, so anytime they want to dump, they have billions of coins to do so and can crush the coin's price.
Elon Musk has called on these top twelve Dogecoin holders to dump their bags to make it more decentralized so that we could get major dumps at any point. The top Dogecoin holders own billions of coins, and adding that amount of coins in circulation at once is too much supply; even with massive retail FOMO going on, it can push the price down.
Because Dogecoin is a meme coin, there will be huge corrections, and it can be on the rise again like it is now. Dogecoin peaked out at around eight cents and then corrected around five cents even below that for a bit. Many people thought that was the end of Dogecoin, but it has now skyrocketed; it even went past 25cents earlier today.
Even with Litecoin, Uniswap UniToken, and Chainlink up in general, we still have Dogecoin flipping all of them, jumping into the top ten, and taking eighth place coin market capitalization.
The reason why Dogecoin is surging is that the altcoin market rally is strong with positive sentiments. Another reason is that Elon Musk constantly tweets about cryptocurrency and Dogecoin as well. Elon Musk said that he would take Dogecoin to the moon. He has been tweeting regularly about Dogecoin, which is surprising and is why there is a sell-off.
It is expected to see many cryptocurrencies pumping up. The last time we saw Dogecoin pump like this, we started seeing many smaller capital cryptocurrencies exploding and surging in value. The small capital hidden gems are the best coins to focus on; they are extremely low in market capital with low circulating supply.
