DogeCoin Just Got 25 Cents: Why Is The Internet So Enthusiastic

DogeCoin, originally designed to parody cryptocurrencies, hit a milestone this Thursday when the price soared to more than 25 cents, the first time the cryptocurrency was worth more than 25 cents. DogeCoin’s market cap – which started as a joke and is literally classified as “a memecoin– is currently just over $ 33 billion.

It’s the culmination of a semi-ironic movement involving thousands of buyers, tens of thousands of online posters and the world’s richest man, Elon Musk. Just like the Wall Street Bets Reddit community gathered around pumping GameStop stock up to $ 1,000 a share (It hit $ 483, short of target, but a dramatic spike from its 52-week low of $ 3.77), cryptocurrency communities became attached to the idea of ​​”sending” DogeCoin to 10 cents. Now it has risen past that goal and then some.

At the beginning of January, each token was worth less than one cent. In late January, as 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 slipping 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 climb, from about six cents, before breaking the 10 cents milestone.

The rise from 10 cents to over 25 cents could be due to Doge’s most high profile supporter, Elon Musk, tweeting further support for the cryptocurrency. In those last 24 hours, he released the following tweet:

If you are at all familiar with cryptocurrency, then you know Bitcoin and maybe Ethereum. Those are the two largest cryptocurrencies, but underneath is a whole market of smaller ones called “altcoins” or sometimes “shitcoins”. These are like the penny stocks of the cryptocurrency world. Many aspire, claim to benefit, or improve facets of the Ethereum blockchain, on which most altcoins are built. Others are ‘memecoins’, which rise and fall in popularity simply because they are funny.

Founded in 2013, DogeCoin was the first such memecoin. There are many more, and they are ridiculous. A simply called Meme launched last August for $ 1 and is now trading for over $ 2,000.

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