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Dogecoin price continues to outperform other cryptocurrency majors, bringing its cumulative weekly gains to 30%. The largest meme coin surged to $0.0848 on Thursday but retraced to end the day at $0.0770. According to crypto media platform Cryptomode, more than 2,000 global businesses already accept Dogecoin as a payment method. Two of Musk’s leading companies, Tesla and SpaceX, currently accept DOGE as payment for some of their products, and DOGE may become accepted as the token of choice for Twitter-based transactions. Dogecoin has begun to soar in recent times, but investors still don’t know why Dogecoin is soaring? Let the editor of the currency circle analyze the reasons for the surge of Dogecoin.

## Why is Dogecoin soaring?

Dogecoin has become a widely used digital currency to a certain extent and can be used to purchase some goods and services, such as video games, movie tickets, etc. This widespread use could increase Dogecoin’s visibility and recognition, which in turn would prompt more people to buy and hold Dogecoin, driving its price up.

Some well-known celebrities and users on social media began to talk about Dogecoin hotly. They publicized and promoted Dogecoin through social media platforms such as Twitter and Douyin, which aroused widespread attention and discussion. This caused Dogecoin to skyrocket.

The unlimited issuance of Dogecoin can maintain a balance between currency supply and demand, thereby reducing the possibility of price fluctuations. If the total supply of a cryptocurrency is fixed and demand grows, the price will increase, which can lead to inflation and price volatility.

Since there is no upper limit on the total amount of Dogecoin, its circulation can be better guaranteed, which will help improve its liquidity and use value. The unlimited issuance of Dogecoin is in line with its sense of community and identity to a certain extent. The original design intention of Dogecoin is a kind of comedy and community culture, so its unlimited issuance of the total currency is in line with the values and concepts of the community.

## What about Dogecoin?

Everyone knows that Dogecoin started out as a joke, but it’s incredible how much attention it’s received lately. Many debate whether it will become the next big part of cryptocurrency or die sooner. In this article, we will examine some of the most exciting and surprising facts about this interesting cryptocurrency.

Dogecoin has one of the largest communities of all cryptocurrencies. Members of this community truly believe in Dogecoin’s bright future, and it’s no surprise that shibas’ slogan is “To the Moon!” They provide huge support to make their favorite cryptocurrencies more popular.

For example, in 2014, the community supported NASCAR driver Josh
Wise raised $55,000, and in return he covered his entire car with Dogecoin and Reddit alien images. Platforms like Reddit and Twitter showed great interest in the cryptocurrency from the beginning and heavily promoted Dogecoin to its success. Recently, TikTok joined the team of platforms interested in Dogecoin.

For example, in the summer of 2020, TikTok launched a Dogecoin challenge to encourage people to invest in the cryptocurrency. TikTok trend #DogecoinTikTokChallenge goes viral. One user posted a 10-second video calling on 800 million users to invest $25 in Dogecoin, bringing the coin's price to $1. His video now has 800,000 views, and Dogecoin trading volume has increased by 2,000%.

Through the above analysis of the reasons for the surge of Dogecoin, I believe investors can better understand why Dogecoin has soared. Dogecoin is growing in popularity and has many fans among celebrities. Of course, the first person who comes to mind is Elon Musk, who even earned the nickname “Governor.” Musk played a huge role in the rise of Dogecoin, with his tweets sending the price higher within hours. The founders of Dogecoin treated it as a joke and they wanted to generate as many Dogecoin units as possible. So they made the supply of DOGE unlimited. Currently, the circulating supply is 129 billion Dogecoins, which is higher than the amount of other cryptocurrencies such as Bitcoin or Ethereum.