After a time  of saturation, the Dogecoin cryptocurrency is on the rise once more. On June 28, the coin increased by 4.98 percent. Dogecoin's price has risen dramatically in recent days, raising fears of a cryptocurrency bubble.

The Dogecoin value has increased by more than 20% in June, from 31 cents to 40 cents. In June, cryptocurrency prices rose sharply after Elon Musk said that Tesla would use Bitcoin to mine cleaner, pushing the price of Bitcoin beyond US$39,000 for the first time.

Bitcoin increased by almost 10% to US$39,794.57, up from US$3,404 at its previous close. Ether, the token associated with the ethereum blockchain network, increased by 5% to trade near US$2,500, while Dogecoin was trading at US$0.32.

Elon Musk recently shared a meme about Dogecoin, an open-source peer-to-peer cryptocurrency. Following the meme's distribution, digital forex has reached new highs. According to experts, online communities are driving up the value of the digital coin, which has risen by 91 percent according to price trackers after SpaceX CEO Elon Musk tweeted about Dogecoin. The associated cost in June revealed a 20,000 percent increase over the same period last year.

Elon Musk, who has been open about his support for Dogecoin on Twitter, is the first reason for the quick spike in the price of Doge. Elon Musk sent out a tweet with a photograph of Doge on it, which prompted a large number of people to purchase Dogecoin. Musk has already been chastised by cryptocurrency experts for manipulating the prices of cryptocurrencies such as Bitcoin and Dogecoin. Elon Musk, dubbed "The Dogfather," is collaborating with Dogecoin developers to advance the technology underpinning Doge. However, by the end of the day, Dogecoin has become a meme currency with no proven utility.

Furthermore, the supply of cryptocurrency dogecoin is endless, with around 130 billion Doge tokens available for use right now. The Dogecoin market cap is currently around US$28,527,961,063, based on its current value of US$0.2188. Its present price is larger than 75 cents, and its market capitalization is greater than US$80 billion. For a meme, it's not bad.

In response to specialists, the currency's first major challenge will be to break through the $1 mark, which, based on all indications, might happen before the end of July. When this issue is resolved, the next target will most likely be US$10.

Dogecoin has surpassed Bitcoin, Ethereum, Tether, Binance Coin, and Cardano to become one of the top 10 cryptocurrencies in the world, following Bitcoin, Ethereum, Tether, Binance Coin, and Cardano. The Measure Protocol data also revealed that Dogecoin is the third most popular cryptocurrency to hold in the United States and the United Kingdom, with a 24 percent and 15.5 percent ownership rate, respectively.