Dogecoin is Now Worth 10 Cents. Is the Elon Musk’s Favorite Meme Cryptocurrency the Next Bitcoin?

It began as a joke, however now the joke seems to be on the individuals who didn’t take Dogecoin significantly. The meme-cryptocurrency Elon Musk wouldn’t cease tweeting about has reached an all-time excessive. According to Coindesk, it has risen to 70.22% in the final 24 hours – the highest ever recorded. Currently (at the time of writing this text) Dogecoin’s worth is $0.122680, or nearly 12 cents. The market cap of DogeCoin — which began as a joke and is actually categorized as “a memecoin” — is at the moment over $14 billion. This is the highest-ever for the cryptocurrency, and the results of a semi-ironic motion that’s concerned 1000’s of patrons, tens of 1000’s of on-line posters and the world’s richest man, Elon Musk.

In early January, every token was price lower than one cent. In late January, when each the GameStop and DogeCoin actions hit their stride, the worth of DogeCoin shot as much as 7.5 cents, nicely over a 10-magnification, earlier than sliding all the way down to 2.5 cents. The coin has spent the previous few months in the three- to seven-cent vary. On Sunday, its value started to rise, from round six cents, earlier than it smashed the 10-cent milestone, reports CNET.


Crypto-Twitter is understandably excited.

Tesla CEO, SpaceX boss and at the moment world’s richest particular person, Elon Musk had introduced that he “purchased some Dogecoin for lil X, so he could be a toddler holder.” Dogecoin surged as a lot as 16% following the tweet, spiking from $0.069 to $0.08.

The Shiba Inu-themed digital coin surpassed 8 cents for the first time, only a week after crashing to 2.5 cents and sparking an outcry on Reddit. It rose 53 per cent in the final 24 hours to eight.2 cents, breezing via its latest report of seven.8 cents posted in late January.

What is dogecoin? Dogecoin, very like Bitcoin, is a digital coin used for e-transactions. Doge is a reference to the ‘doge’ meme and has an image of the shiba inu on it. It is a cryptocurrency, a type of digital cash that, very like bitcoin, permits peer-to-peer transactions throughout a decentralized community.

Since its creation, Doge has additionally been used to donate cash to charities. These have included the 2014 Jamaican Bobsled group who couldn’t afford to get to the Sochi Winter Olympics, a Nascar driver named Josh Wise, and a clear water challenge in Kenya referred to as Doge4Water.

At the peak of the meme’s recognition in 2013, Palmer, an Australian marketer, made a joke combining two of the web’s most talked-about matters: cryptocurrency and Doge. He purchased the area and uploaded a photoshopped Shibe on a coin.

“If you wish to make Dogecoin a actuality, get in contact,” mentioned the web site. On the different facet of the world, Billy Markus, a software program engineer at IBM, acquired in contact and set Dogecoin stay. Dogecoin soared up by greater than 60 per cent over the final 24 hours and skilled a 1,421 per cent enhance in buying and selling quantity in line with crypto information agency CoinMarketCap.

The peak value of Dogecoin in 2018 was round two cents, proper earlier than it crashed together with the remainder of cryptocurrency. Reports counsel that by early 2019, Dogecoin had misplaced practically 90 per cent of its worth and was buying and selling for a fraction of a penny, till now.

Has the reckoning for the crypto-currency world lastly arrived in the type of a dog-themed token that began as a joke?

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