Ever since Bitcoin has sparked outrage in the global economic structure, many cryptocurrencies have been fancied by investors. Every now and then, any crypto propels its way out of the lot and experiences a major upsurge in worth. However, the likes of Bitcoin and Ethereum have stabilized their position as the top two cryptocurrencies in the world.
There are many crypto tokens, that were or are initiated as a meme or joke. This was also the case for Dogecoin, which was never meant to be taken seriously. But, it has soared its way into the list of most wanted cryptocurrencies.
In the recent market fluctuations, Ethereum and Dogecoin came out on top of the market list. While Bitcoin suffered degradation from its all-time high of $64,000 to $46,000. This staggering loss of value of Bitcoin was a strong market correction. It has gradually made its way back and is valued at $58,000 in today’s market. On the other hand, Ethereum and Dogecoin are constantly rocketing the crypto market.
Doge to the Moon!
Even though Dogecoin has experienced a massive upscale recently, it was never expected to come this far. The meme-based crypto token has a total market value of over $50 billion. The prices of Doge went berserk in the last few weeks, as it stands at around $0.40 at the moment. However, the success of Dogecoin is heavily linked to the owner of Tesla, Elon Musk.
Many experts believe that Musk manipulates the crypto market as per his own will. A single tweet of Elon Musk can do wonders for any cryptocurrency. He has tweeted in the support of Doge, every now and then, thus, accounting for its popularity. Moreover, Elon Musk has a scheduled appearance with Miley Cyrus on the SNL. He is expected to bring up Dogecoin once again, and that might significantly pump its value. The Dogecoin has so far defied its critics and has held a firm ground. Thus, many traders are hoping for it to hit the $1 mark, sooner than ever.
The emergence of Ethereum
Unlike Dogecoin, Ethereum has a whole network and project supporting its mechanism. This is why it has shot over $3,000 and is giving a strong competition to Bitcoin. Since last year, the value of Ethereum has gone up by more than three-fold. Investors and traders have shown more inclination towards Ether than Bitcoin. Also, the new project of Eth 2.0 is expected to make waves in the crypto market. Therefore, the expected pathway of Ethereum is upwards in the market. It is also more stable and reliable than Dogecoin or any other such crypto token.
