Back in 2013, Dogecoin originated as a meme cryptocurrency. At the time of this article was written, Dogecoin is valued at $34 billion.
In 24 hours, Dogecoin jumped 112.89 percent, according to Coinbase. The value of the cryptocurrency rising to around 30 cents just two days after it hit the value of 10 cents.
This jump occurred after billionaire Elon Musk took to Twitter to share a painting of a famous Spanish artist, except he changed the title of the artwork. The artwork titled “Dog barking at the moon” was modified to “Doge barking at the moon.”
This is not the first time Musk has tweeted about cryptocurrency. He happens to be one of the most enthusiastic supporters of cryptocurrency, with his regular tweets.
What is Dogecoin?
It was launched in 2013 as a joke by Billy Markus and Jackson Palmer; it was never intended to be serious and was being used as a joke to trade. But it seems like investors missed out on the trick, and currently, the Dogecoin value stands in billions.
How can it be used?
Dogecoin can be used to transact on any platform for any goods and services. Its value is volatile, like any other cryptocurrency, since it has no government backing.
How can it be purchased?
Cryptocurrency exchange platform offers Dogecoin. Coinbase, Kraken, or Robinhood are just some of them. One must have a cryptocurrency wallet, which can be made/accessed on these platforms.
To buy the cryptocurrency in small quantities, faucets – websites that dole out a small number of free cryptocurrencies – can be a good option. For this, you have to click a button and put a captcha code every three hours to earn Dogecoins.
How is it different from Bitcoin?
Fixed at 21 million with Bitcoin’s total number; Dogecoin does not have an upper limit, and there are already more than 100 billion in existence.
What is the reason behind Dogecoin’s recent surge?
The most significant reason behind Dogecoin’s surge this week is the same as the reason behind Bitcoin and Etherem’s surge – listing of Coinbase, the most popular virtual currency exchange, on Nasdaq.
After going public, Coinbase’s market cap briefly hit $100 billion on Wednesday, valuing Bitcoin and Etherem at $64,000 and $2,500, respectively.
A possible success story was also where ‘SatoshiStreetBets’ (a Reddit group). They built up an enthusiasm for cryptocurrency like the rise of GameStop earlier this year. The group’s name refers to Satoshi Nakamoto, the screen name of the person or group of persons behind Bitcoin, as we have published in one of our previous articles.
As seen on his Twitter, these are all reasons in addition to Elon Musk’s tweets and support for the cryptocurrency. The current market capitalization of Dogecoin is about $16.9 billion, as per CNBC.
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