It all started as a joke. It was never supposed to be anything big but Dogecoin has somehow brute forced it's way into the heart of the crypto world. On April 16, 2021 at around 9:35 AM Eastern Standard Time, Dogecoin reached a high of $0.47. Before January of 2021, it had only broken a penny in January of 2018. Now forty seven cents might not seem like much for a cryptocurrency when you have numerous cryptos breaking 100 dollars a coin and bitcoin overtaking everyone with a value of over $60,000. However, Dogecoin is purely a joke as there is nothing backing it up to signify everlasting growth.
Dogecoin has an infinite supply. It can always be made and will never be a rarity. It is backed up by no smart contract. It was never meant to be a new form of currency, it was a joke among friends that somehow spiraled into a thing that Elon Musk and Mark Cuban talk about. But how did this happen and why? In the past week, it has spiked up about 458 percent. An insane number that just seemed to come out of nowhere as some people myself included thought Dogecoin would die out after it went down to five cents in February after it's January spike to eight cents. For thepast two months, Dogecoin has hovered around 5 cents and now it's around 35.
But who let the Doge out? It's tough to say as it seems like the will of the people is just letting it go wild. Dogecoin also has the advantage of low fees and a fast transaction rate but DOGE isn't the only one with those two things though. Bitcoin Cash comes to mind as one crypto that has low fees and a fast transaction time as well. Nothing really stands out really except the fact that everyone is backing the joke up. It just seems like a popular thing that everyone is latching on to make some quick bucks. Also people love the joke as who doesn't love a doggo?
However one of the main possible factors behind all of this madness is the drive to get Dogecoin up to a dollar per coin. Communities all over the internet which include the Dogecoin subreddit which has over 1 million members are committed to getting Dogecoin to a dollar. They almost got half way today, so who knows what the future has in store for the DOGE. It seems like nothing is backing up the doge but there are millions of people that want it to succeed and perhaps that is why Dogecoin is on this insane drive. Only time will tell on how far Dogecoin will go but for now, people are just enjoying the ride.