IntoTheBlock, the team tasked with the analysis of crucial on-chain metrics, researched the accounts of Shibes, holders of Dogecoin (DOGE). This is what crypto euphoria looks like.
Dogecoin (DOGE) strong hands see 80x gains in four months
According to the tweet by the IntoTheBlock team, the average valuation of Dogecoin (DOGE) wallet has surged from $217 to $17,493 since early January 2021.
This means an almost 80x rally, or 7,961 percent increase. Dogecoin (DOGE) achieved this result in four months only. Prior to that, its price stayed below one U.S. cent for years.
As covered by U.Today previously, for the first time, the DOGE price was artificially pumped in August 2020. Investors in the TikTok video platform launched a viral flashmob to push the DOGE price to $1.
During this pump, the DOGE/USDT rate added 100% in 24 hours. This memetic Litecoin (LTC) form from 2013 has attracted public attention once again.
Memetic coin is now worth more than Xiaomi, GM, Gazprom
The next episode in Dogecoin (DOGE) mania was catalyzed by Elon Musk's shilling. He repeatedly mentioned Dogecoin (DOGE) in his tweets; its price exploded to $0.067 in January.
The ongoing DOGE craze coincided with the largescale altseason. Many large-caps and mid-caps revisited all-time highs. For instance, today, holders of Chainlink (LINK) and Ethereum Classic (ETC) are celebrating fresh records.
The joke cryptocurrency with zero real-world utility and a dormant development process started surpassing global corporations in terms of market cap. Namely, yesterday its capitalization exceeded that of Chinese electronics producers Xiaomi, car production giant General Motors and Russian state-owned energy mogul Gazprom.