Every day that passes more people want to enter the crypto market, moved by the success stories created thanks to cryptocurrencies such as Ethereum, Binance Coin, and of course Bitcoin. However, as Changpeng Zhao comments in the Tweet of the day, currently the big push for crypto adoption is Dogecoin, a virtual prank currency created in 2013.
Dogecoin powers cryptocurrencies
Few could have imagined just a couple of months ago that Dogecoin, the cryptocurrency inspired by a Japanese dog, would be the most relevant virtual currency of the moment in the crypto market. This thanks to the great bullish rally in its price that has multiplied its value several times in a matter of weeks. Without making it seem like it will end soon.
The big driver of cryptocurrency adoption is being Dogecoin. Source: CoinMarketCap
This unforeseen rise in the price of Dogecoin has been driven by two sources. On the one hand, the richest man in the world, Elon Musk, has dedicated a good part of his messages on Twitter in recent weeks to demonstrate his public support for the cryptocurrency. Leading thousands of investors around the world to enter the crypto market.
On the other hand, the Reddit group Satoshi Street Bets, has also played a role. Emulating the modus operandi of the Reddit channel Wall Street Bets, the young people of Satoshi Street have invested heavily in Dogecoin, driving its price up. And of course, as mentioned by Changpeng Zhao on his Twitter account, increasing the world’s knowledge about crypto assets:
“People often ask me what is going to be the next big thing that will drive the adoption of cryptocurrencies, and I never thought the answer would be: a dog.”
Thus, Changpeng Zhao not only highlights the gains made by those who acquired Dogecoin in its early stages. But also, the positive role that this bullish rally is playing by making cryptocurrencies more known throughout the world. And therefore increasing its adoption, beyond the speculative frenzy behind DOGE.
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