Dogecoin is a cryptocurrency that has gained huge popularity. Often it was known as the most valuable joke in the market. In some instances, it was known as “The meme coin“. But now it is no longer a topic for laughter. In the past week, dogecoin prices surged about 26%. What facts transformed this joke a valuable asset? Here we discuss!
What is Dogecoin?
In 2013, dogecoin was launched as a funny cryptocurrency. According to the innovators of Dogecoin, software engineers Billy Markus and Jackson Palmer, the intention was to make fun of other cryptocurrencies which boast of massive dominance.Â
On the other hand, it seems to have been created to have some fun and be ridiculous with a cryptocurrency that was inexpensive enough to play with. Dogecoin is a slightly changed copy of Litecoin, which is also a slightly changed copy of Bitcoin. However, Dogecoin is a changed copy of Bitcoin. it was created as a joke cryptocurrency, based on the “doge” Internet meme, which depicts a Shiba Inu dog speaking in Comic Sans typeface. Initially, each coin was worth a fraction of a cent.
What’s up now?
Even if it is a joke, money remains money. Especially in a situation where the world is suffering from an economic crisis. Though it was a kind of joke in the beginning, nowadays its price has surged. During the past couple of weeks, it has increased by almost 50% of its unit price. According to the records of CoinMarketCap, Dogecoin is the world’s seventh-largest cryptocurrency which has a significant growth rate. Also, its market capital at this point is about $54 billion. Some investors still wonder about the sudden growth of the coin, while others believe that Dogecoin is a bubble. According to many experts, its price might become about $1 at the end of this year. The most surprising fact is that the price surging continued even in the past 24 hours, up to 1.16%.
Though there was no exact reason to express this surge, the CEO of Tesla, Elon Musk, has been a huge influence on Dogecoin. Intentionally or unintentionally, most of his tweets have become a source of publicity. Dogecoin exhibits a 288.6% incredible growth rate. Compared to the age of the other major cryptocurrencies, this fact has been more discussable and considerable. Being impressed by Elon’s tweets or in any fact, many individuals from Asian countries have purchased Dogecoin in a massive magnitude. Hopefully, they will be very lucky enough to gain wealth because of the Dogecoin price surge.
- The above discussion is neither financial advice nor financial recommendation. It is a basic study on cryptocurrency which is done based on resource sources. Therefore, our team accepts no responsibility or liability for any predictions/decisions you make in the industry.
