Dogecoin, boosted by the likes of Elon Musk and Mark Cuban, rallied roughly 180% Friday, according to CoinMarketCap.com, reaching a market value of more than $48 billion.
Doge’s surge is part of a rise in altcoins, a term for all the digital tokens that have sprung up in imitation of Bitcoin.
We knew something big was going on, a lot of investors were chasing it hard.
Interest in crypto is on the rise again after companies from PayPal to Square started enabling transactions in Bitcoin on their systems, and Wall Street firms like Morgan Stanley began providing access to the tokens to some of the wealthiest clients.
Yet alt-coin popularity is hard to ignore.
Bitcoin’s dominance in the crypto world has declined 28% since the beginning of the year, according to OKEX Insights Analyst Robbie Liu, citing data from Tradingview.