Taking off into the cryptocurrency firmament as a bright comet, Dogecoin is undoubtedly one of the most popular cryptocurrencies of this year. Tiktokers and billionaire entrepreneurs alike love Dogecoin. What is hidden behind this cryptocurrency meme and why is this currency attributed to such a high value?Dogecoin: a joke or a serious cryptocurrency?
The story of the dog-inspired Shiba Inu cryptocurrency Dogecoin (DOGE) began as a joke in 2013. By creating this cryptocurrency, programmers Jackson Palmer and Billy Marcus decided to ridicule the abundance of altcoins in the cryptocurrency market. Today, Dogecoin is more than just a joke as its market cap has surpassed $ 60 billion. According to the Coinmarketgap website, this allows Dogecoin to climb the 5th place in the cryptocurrency rankings behind Bitcoin, Ethereum, Binance Coin and Cardano. If in past years the price of Dogecoin was much less than one cent, then over the current year its price has increased seemingly unthinkable 100 times, and now the cryptocurrency is trading at $ 0.5.
It is useful to know that, unlike Bitcoin, the maximum amount of Dogecoin is not limited. However, like Bitcoin, Dogecoin has its own blockchain, with which you can get new Dogecoin by mining. At the moment, there are almost 130 billion DOGE in circulation.
Meme culture, TikTok and Elon Musk are key factors affecting the price of DOGE
Dogecoin’s success is largely based on the meme cult and social media. On various platforms and on social networks, a witty cryptocurrency meme gets more attention than, for example, some “more boring” purely technical cryptocurrency. Modern social media users love to have a little fun. Thanks to this, an impressive community of fans has developed around Dogecoin. This, in turn, affects the formation of the price of the cryptocurrency. For example, last year there was a popular video in which one of the TikTok users urged their subscribers to purchase Dogecoin for $ 25. Tiktoker stated that if the price of DOGE rises to $1, everyone will earn $ 10,000.
However, Dogecoin is not only fun for TikTokers and YouTubers . Billionaire entrepreneur Elon Musk is also known for his love of cryptocurrencies, who, in fact, can be considered the patron of Dogecoin. It seems that Mr. Musk intends to launch into space not only rockets, but also wants to “send to the moon” the price of Dogecoin: every time he tweets about Dogecoin, this is reflected in its price, since many users rush to buy dogecoin with PayPal. According to one of the recent comments on Twitter , the creator of Tesla is literally working with the developers of Dogecoin to improve the efficiency of the transaction system.
Marketplaces would also like to share Dogecoin’s success. Coinbase, the largest US cryptocurrency exchange, announced that it intends to add Dogecoin to its range of cryptocurrencies in the near future. If Coinbase shares are traded on the Nasdaq exchange, then Estonia has its own cryptocurrency firm, in which you can invest directly from the mobile application. Change is a beginner-friendly trading app that makes investing easier than ever. To this day, Change is showing impressive growth: back in October last year, the value of the enterprise was 16 million euros, but in the past nine months it exceeded 150 million. Change’s goal is to become the most popular investment application in the EU, worth a billion dollars.