The Rise of the Dogecoin

29
Jan

The Rise of the Dogecoin

Created by software engineers Billy Markus and Jackson Palmer, who made this as a joke, a fun way to circumvent traditional banking fees in the year 2013, Dogecoin is named after the Japanese shiba dog memes. Dogecoin has spiked up 80 percent while also seeing an exponential increase in trading volume by over 800 percent ! It hit $0.0138 on January 28. It may be a mere 1 cent but it is a significant spike nonetheless. To make things fall into perspective, Dogecoin was at $0.0047 during December 31, 2020.

The hashtags #dogecoin and #dogecoininto1dollar has been trending on Twitter in the US. Just last month, even Elon Musk promoted Dogecoin on Twitter when Bitcoin was on a rise.

People on social media are asking the ones who own Dogecoin to hold on to it and are waiting for its value to touch $1, although it might take the shiba dog inspired cryptocurrency some significant time to reach there.

Dogecoin gained prominence largely because the concept was so ridiculous that it was sort of a fun to write about. And as more people wrote about it, it attracted new converts who bid the price still higher.

Some of the important postulates of the "Doge" are as follows:
⦁   DOGE, which was started as a joke in 2013, is now the 10th most valuable cryptocurrency by market value, just behind Bitcoin Cash and ahead of BNB
⦁   The price of DOGE rose to an all-time high of $0.082 per Messari, before settling down to $0.073, up 822% over the last 24 hours and bringing the year-to-date gains to about the same amount. Over $12 million worth of DOGE traded in the past 24 hours
⦁   Why the token has soared is unclear but it's likely largely caused by attention from public Reddit trading collective Wall Street Bets along with a TikTok post about the "dogecoin army" by celebrity Carole Baskin from Netflix's "Tiger King."
⦁   According to data provider The Tie, DOGE set a new record for the most tweets on a cryptocurrency over a 24-hour period, besting the previous marks set by leading cryptocurrency bitcoin on Jan. 2, 2021, and Dec. 22, 2017
One of the rise of the DOGE is also attributed to the fact that Elon Musk, who happens to be a fan of the DOGE took to twitter about it:

According to official media reports, Dogecoin’s market capitalization sits at about $1.4 billion, the 33rd-highest among cryptocurrencies, according to CoinGecko data.
Dogecoin is regarded by the users as the next generation GME/Bitcoin by users worldwide.

The famous tweet by Elon Musk last year had put the world's attention on the Doge:

This single three word tweet from Elon Musk in December sent Dogecoin soaring 20%. An earlier tweet from Musk, depicting the currency consuming the global financial system, saw it rise 14%.

With the rise of cryptocurrencies, it is slowly becoming evident that the future would be certainly dominated by them and erstwhile paper money would be soon replaced.

To keep yourselves updated with the latest trends, visit Checkbrand.

January 29, 2021

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29
Jan