The cryptocurrency Dogecoin, which started in 2013 mocking Bitcoin, today managed to be the cryptocurrency with the highest capitalization in the second quarter of this year.
The rise of cryptocurrencies as a backup system, due to profitability, risk and implementation by large firms for transactions, has generated a boom in altcoins.
Accompanying this movement in the crypto markets, Elon Musk, CEO of Tesla, has given this cryptocurrency a boost that led to a greater attraction of the public and, above all, a market capitalization boom.
Due to the buzz generated around this crypto, DOGE managed to attract great attention and new investors. Therefore, according to a CoinMetrics report published on Tuesday, despite the general fall in May that affected all cryptocurrencies, DOGE appreciated close to 400% and achieved a higher capitalization.
Currently, there is talk of the possibility of DOGE minimizing transaction costs with exchanges, which generates greater appeal.
The altcoin accumulates in its history, in addition to some stability in its valuation, profitability, with low energy costs, the possibility of a shared protocol with BTC and a growing attraction to adopt it as a crypto exchange.
The altcoin that currently has a value of $ 0.2015 cents usd – at the time of writing this article – managed to reach $ 0.69 cents last May. In this sense, by early 2021, it had about $ 1.1 billion in market capitalization and then reached $ 6.5 billion.