With a strong sell-off that has attracted cryptocurrency markets from the start of the year, a currency thought to be the biggest joke of many in the community has become the outlier of cryptography this time.
Dogecoin, an alternative currency inspired by a meme doge, has increased by more than 160 percent over the past 30 days, according to CoinMarketCap, a website that monitors encryption performance. In fact, Dogecoin is the only crypt that has recorded big gains in the last month, with all the other coins, including bitcoin and ethereum, suffering from double-digit losses.
Dogecoin now has a market capitalization of $ 729 million, which allowed him to overcome Zcash and become a top-20 cryptocurrency by market capitalization.
Dogecoin's extravagant wave arrives shortly after it was added to the popular trading app, Robinhood, in mid-July.
The rise of the token can also be attributed to a recently published demo that demonstrates a successful bridge linking the Ethereum and Dogecoin networks.
The name of the Dogecoin coin is a tribute to the well-known Internet meme known as Doge, which became popular in 2013 and features the face of a dog with sans comic lyrics in the background.
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