After rising more than 400% in a week, will Dogecoin be the next bubble?

After rising more than 400% in a week, will Dogecoin be the next bubble?

Dogecoin started out as a joke, and is now in the top 10 cryptocurrencies with a value of nearly $ 40 billion.

The coin was created in 2013 by software engineers Billy Marcus and Jackson Palmer, and the primary goal was to use dogecoin as a faster but "fun" alternative to Bitcoin.

And now the Dogecoin has a total market cap of more than $ 40 billion, according to cryptocurrency market data site CoinGecko, adding more than $ 20 billion in the past 24 hours.

The digital currency reached an all-time high of 32 cents on Friday morning, more than double compared to the previous day.

Then it has been somewhat out of sight since then.

But earlier this year, Dogecoin has jumped massively on the back of enthusiasm from a Reddit group called SatoshiStreetBets.

Like the subreddit WallStreetBets, which helped fuel a rally in GameStop stocks at the start of 2021, SatoshiStreetBets aims to raise the price of digital currencies.

After rising more than 400% in a week, will Dogecoin be the next bubble?