The cryptocurrency, which started as a pun, has gone the extra mile, against all the uncertainties to surge up to the total market value of $45 billion on Friday. The price has shocked the digital market in the recent times after it shot up by a whopping 300% increase in price.
The meme depicts a Shiba Inu dog in conjunction with ridiculous phrases in variegated rib-tickling Sans-font text. On Friday, each of the cryptocurrency token surged to a record value of 43 cents. Its value was 5 Cents in March.
The value of Dogecoin shot up days after Coinbase went public. Coinbase was listed on the NASDAQ on Wednesday. By then the value of Bitcoin had superseded $64,000. Cryptocurrency is gaining traction, as world billionaires such as Elon Musk and Jack Dorsey are considering it as a worthy venture.
The combination of online posters, Musk’s tweets and Reddit are the major cause for the increased price of Dogecoin.
On April 16, 2021 Elon Musk, the undisputable world’s richest man, tweeted: “Doge Barking on the Moon.” Musk has always referred dogecoin has his favorite cryptocurrency. In February, he regarded it as “The People’s Crypto.”
What is Dogecoin
Dogecoin is an open source peer-to-peer cryptocurrency that is globally favored by shibas. It is a form of digital money that functions almost like bitcoin.
Digecoin is a derivative of Luckcoin which pronged from Litecoin and makes use of Scrypt algorithm. It is the fastest of all other forms of blockchain technology because of its 1 minute block interval. According to Dogecoin, the supply of the coins has no cap and can bloat infinitely.
Why Dogecoin is Cheap?
Dogecoin is cheap because of the amount of the coins in circulation. The chain of supply is great and more than 20 million coins have been mined. According to Coinwartz about 99 Dogecoin can be mined within a day.
Dogecoin mining cannot make one rich within a fortnight, but it is fast gaining traction and might be a great venture to invest in.
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