Dogecoin increases: DOGE ranks 4th in terms of market capitalization

An incredible development. Dogecoin is fighting its way to the top and is now fourth in terms of market capitalization behind Bitcoin, Ethereum, and Binance Coin. The bulls restarted on May 3, breaking resistance at $ 0.437 yesterday.

At press time, DOGE is trading at a staggering $ 0.68, a new all-time high. The reason for this is again the unbelievable vortex on social media with broad participation from celebrities and companies. Including Snickers, but also artists like Meek Mill or Juicy J . Elon Musk announced that in 3 days he might use a TV appearance for further promo. The hardcore of the "Dogecoiner" still meets on TikTok for investment advice.

With that, the hype is in full swing and at this point, it's hard to tell when it might stop.

All narratives destroyed

Other cryptocurrencies live increasingly from their technological achievements and the expectation that they could change the world and thus increase in value. Dogecoin finally takes that to absurdity with this price rally.

It doesn't take a strong vision or institutional investors. It is enough for everyone to buy and have fun. Dogecoin achieved a growth of 27,500% within one year and there is unlikely to be any other asset in 2021 that can even come close to achieving this performance.

Two things now remain to be seen. For one, Elon Musk could literally launch Dogecoin with a rocket to the moon. And on the other hand, DOGE can be trusted to target third place and overtake BNB. An ambitious goal, but one that is within our grasp. In order to compete with Ethereum or Bitcoin, however, you still have to grow significantly.

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