Dogecoin, the internet meme cryptocurrency that has taken the world by storm, has the wind at its sails today. DOGE has added 5% in the last 24-hour period but remains down nearly 14% over the past week. Year-to-date, Dogecoin is outperforming nearly every other asset.
The sixth-biggest cryptocurrency, which teeters between bubble status and sustainability champion, is on the rise today after making a splash in the hot NFT space coupled with a rising bitcoin price that has the top-10 cryptocurrencies seeing green.
Two of the most popular themes in the cryptocurrency industry have connected. Non-fungible tokens, or NFTs, are a hot new trend in the crypto market. These tokens contain assets such as art, video, pictures and pretty much anything their creators can imagine. Most of them are built on the Ethereum blockchain, which has strengthened the use case for that network in the interim.
Dogecoin has become the top DOGE after a token with a picture of a Shiba Inu Japanese breed dog, which happens to be the mascot of the Dogecoin project, sold for 1,7000 ether, or USD 4.06 million. The real dog, whose name is Kabosu, evolved into the wildly popular Doge internet meme.
The transaction happened on decentralized auction house Zora. After sparking a bidding war, the winning offer went to Twitter user @PleasrDAO, a group that seems to collect NFTs. The picture of the Shiba Inu was snapped in 2010 by the dog’s owner, Atsuko Sato.
Won at 1.696.9 ETH ($4.06 million)‼️
— ZORA ☼☽ (@ourZORA) June 11, 2021
Dogecoin joins the ranks of Beeple, the digital artist who recently sold his NFT entitled “Everydays: The First 5000 Days”for USD 69 million at auction house Christie’s.
Dogecoin has been trading with the sentiment in the broader cryptocurrency market. As fate would have it, bitcoin is leading the broader market higher on the heels of some bullish comments from Dogecoin bull Elon Musk about bitcoin. Musk recently exerted his influence in the cryptocurrency market by criticizing bitcoin’s high energy consumption, which triggered a downturn in the BTC price.
The Tesla chief has now tweeted that once about half of bitcoin mining originates from renewable energy sources instead of dirty fossil fuels, the EV maker will support BTC transactions once again. This has lifted the mood of the market, including DOGE.
While the Dogecoin community would prefer to see Dogecoin trading on its own merits rather than the whims of the market, they have nothing to complain about. Dogecoin has outpaced bitcoin’s gains this year by 50x, as noted by crypto influencer Udi Wertheimer.