The cryptocurrency markets have gone on a remarkable run over the past few days and the rally seen in Dogecoin has been particularly notable.
The cryptocurrency may have started out as a bit of a joke but the backing of prominent individuals like Elon Musk has sent Dogecoin soaring.
over the past 24-hour, Dogecoin rallied by as much as 50% as more and more crypto traders piled on to it. As a matter of fact, the frenzy was so intense that the Robinhood trading app crashed at point.
While the gains in Dogecoin were remarkable, it is also necessary to point out that many other altcoins also managed to record significant gains. Experts believe that this is one section of the crypto market in which speculation is rife and that might be one of the reasons behind the rally in Dogecoin.
However, speculation or not, the sort of gains made by Dogecoin might bring it into focus among investors over the coming days.