It started as a joke, but now the joke seems to be with the people who didn’t take Dogecoin seriously. The meme cryptocurrency that Elon Musk wouldn’t keep tweeting about has hit an all-time high. According to Coindesk, it has risen to 70.22% in the last 24 hours – the highest ever recorded. Currently (at the time of writing this article) Dogecoin’s value is $ 0.122680, or almost 12 cents. DogeCoin’s market cap – which started out as a joke and is literally classified as “a memecoin” – currently stands at over $ 14 billion. This is the highest ever for the cryptocurrency and the result of a semi-ironic movement involving thousands of buyers, tens of thousands of online posters and the world’s richest man, Elon Musk.
At the beginning of January, each token was worth less than one cent. In late January, when both the GameStop and DogeCoin moves hit their stride, DogeCoin’s value shot up to 7.5 cents, well above an increase of 10, before dropping down to 2.5 cents. The coin has spent in the three to seven cents range in recent months. On Sunday, the price started to rise, from about six cents, before breaking the 10-cent milestone, reports CNET
Crypto-Twitter is understandably excited.
Just remember, some of you could have put $ 1,000 in it #dogecoin 4 months ago and today you would have had $ 38,000. – BEN BALLER ™ (@BENBALLER) April 14, 2021
Tesla CEO, SpaceX boss and currently the world’s richest person, Elon Musk, had announced that he was “buying some Dogecoin for lil X so he can be a toddler owner.” Dogecoin surged a whopping 16% after the tweet, peaking from $ 0.069 to $ 0.08.
The Shiba Inu themed digital coin surpassed 8 cents for the first time, just a week after it crashed to 2.5 cents, sparking a protest on Reddit. It surged 53 percent to 8.2 cents in the past 24 hours, breaking its recent record of 7.8 cents posted in late January.
What is dogecoin? Dogecoin, like Bitcoin, is a digital currency used for e-transactions. Doge is a reference to the ‘doge’ meme and has a picture of the shiba inu on it. It is a cryptocurrency, a form of digital money that, like bitcoin, allows peer-to-peer transactions over a decentralized network.
Since its inception, Doge has also been used to donate money to charities. These included the 2014 Jamaican bobsleigh team that couldn’t afford to attend the Winter Olympics in Sochi, a Nascar driver called Josh Wise, and a clean water project in Kenya called Doge4Water.
At the height of the meme’s popularity in 2013, Palmer, an Australian marketer, made a joke combining two of the most talked about topics on the internet: cryptocurrency and Doge. He bought the Dogecoin.com domain and uploaded a photoshopped Shibe on a coin.
“If you want to make Dogecoin a reality, contact us,” the website said. On the other side of the world, Billy Markus, a software engineer at IBM, got in touch and put Dogecoin live. Dogecoin is up more than 60 percent in the past 24 hours and has experienced a 1,421 percent increase in trading volume, according to crypto data company CoinMarketCap.
Dogecoin’s peak price in 2018 was about two cents, just before it crashed along with the rest of cryptocurrency. Reports suggest that Dogecoin had lost nearly 90 percent of its value in early 2019, trading for a fraction of a cent so far.
Has the checkout for the crypto currency world finally arrived in the form of a dog-themed token that started out as a joke?
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