Meme-based altcoin, Dogecoin (DOGE) has entered the top 10 list of cryptocurrencies when its price hit $0.4. The coin that has been endorsed by SpaceX innovator, Elon Musk, was trading at $0.07 a week ago and is being dubbed as ‘a phoenix rising from the ashes.
Rags to Riches Story
A while back, critics and crypto observers dismissed the coin and termed it a ‘meme.’ However, most have been eating their words as DOGE records a yearly gain of 7500%, which beats even Bitcoin meteoric rise from last year.
Over a similar period last year, DOGE has grown by a mind-blowing 18000% to land at number 5 on Coinmarketcap. As the market retracts following a blood bath over the weekend, DOGE doesn’t seem to be slowing down.
Could Elon Musk be behind the serious boost in Dogecoin price? Well, some crypto enthusiasts believe that it’s no coincidence that DOGE is mooning as April 22 approaches which is when Musk plans to launch a flight to space.
Musk hinted that he would place a physical Dogecoin on the literal moon. The statement together with his earlier endorsement of DOGE, could be behind the increase in price. The #DogeDay is trending in the US, while Google Trends indicate that the search of the word DOGE has hit astronomical levels.
However, traders have asked for caution when dealing with DOGE since the government considers it a property that is taxable. When looking for profits, investors should be ready for the legal ramifications of dealing in the coin.