Dogecoin has become part of the meme stock frenzy which made it the world’s 10th largest cryptocurrency in a short period of time.
According to CoinMarketCap, Dogecoin went up by more than 1,600 percent so far this year and is currently at $0.06859.
By Monday morning dogecoin had a market value of nearly $10.5 billion, up 107% over the past seven days with a volume of $7,738,770,752.
Even with the drastic rise in value, Bitcoin continues to lead the cryptocurrency trade at $0.06859.
Dogecoin was created back in 2013 as a joke but gained popularity after social media groups like r/wallstreetbets planned to emulate the trading frenzy they created with GME and silver.
Celebrities like Tesla’s Elon Musk, rapper Snoop Dogg, and rockstar Gene Simmons of Kiss also contributed to Dogecoin’s popularity.
“Dogecoin was made as a joke to make fun of cryptocurrencies, but fate loves irony. The most ironic outcome would be that Dogecoin becomes the currency of Earth in the future,” said Musk.
Musk also announced that he bought $1.5 billion in Bitcoin and explore the possibilities of utilizing it as payment for Tesla vehicles.
Amid the market optimism, experts said that Dogecoin’s rise could be a sign that a huge market bubble is coming.
“The Big Short” investor Michael Burry pointed out that Dogecoin’s movement showed a steep increase in price and trading volume, followed by a rapid price decline.
“We are in a blow-off top in all things. Markets have now bubbled over in a dangerous way,” said Burry during an interview with BusinessInsider.
Burry hinted on Twitter that a market crash is impending in the coming months but did not explain further.
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