Dogecoin's price has surged without much interest or attention from social media or any big figures. Coin Market Cap's data shows Dogecoin is $.18 and has a market cap of $23.8 billion. The recent rally sent it up more than 63% in just 24 hours. It passed Uniswap and Litecoin to be the eighth-biggest cryptocurrency when evaluated by the market cap.
More retailers have allowed Dogecoin to be submitted as payment for goods or services recently. For example, a popular nightclub in Miami, FL, said that it would take the coin when it reopens. Patrons can use it for table reservations, drinks and souvenirs. The Dallas Mavericks has sold more than 122,000 DGE of merchandise. That is worth about $16,000 as of the time of publication. It accepts tokens, but it isn't selling them.
Elon Musk is a Dogecoin enthusiaist. He thinks the rally could be reflective of the general climate of the cryptocurrency market. For example, Coinbase's coin stock was listed on the NASDAQ this week. At the same time, Bitcoin and Ether reached new highs.
However, investors should keep in mind that just because Bitcoin reached an all-time high, it didn't necessarily stay at that high level. It did fall back from its high, but it is still doing well for the year.
Investors are excited about the possibility of more retailers accepting Dogecoin as a payment. If they do, and if they are mainstream businesses, then this could lead to its value going up more. The more widely accepted it is, the more likely it is to have a perceived value. This is the same path that Bitcoin took. It was heralded by a small, obscure group as the thing of the future. It took quite a while for other people to come around to the idea of a digital currency. As different people came to accept it, the financial world also started to give it more serious consideration. Today, Bitcoin is widely respected by traditional institutions as well as the people who are a little bit outside of the traditional financial system of the United States.