Bitcoin might not be dying any time soon as more cryptocurrency continue to soar high in value. Dogecoin is going from a meme-based crypto to become the latest cryptocurrency on the trend table rising as fast as 800% in 24hours.
Here is what to know about Dogecoin
Started as a Joke
Launched in 2013, Dogecoin was originally invented as a joke by software engineers Jackson Palmer and Billy Markus. The meme-crypto has the image of a Shuba Inu dog as its logo.
It was marketed as the “fun” version of bitcoin but to the inventors surprise it jumped 300% after China banned banks from investing in cryptocurrencies.
Dogecoin then skyrocketed alongside other cryptos during the high value rate in 2017 but fell with the rest of them over 2018.
Elon Musk Influence
Dogecoin is back at the top after series of viral tweet of the world richest man Elon Musk. Musk’s followers saw his tweet on Dogecoin as a recommendation.
“One word: Doge,” the world richest man tweeted in December 2020.
This sent the cryptocurrency to a 20% surge and rising. According to the TIE, there were over 100,000 tweets about Dogecoin in the trailing 24 hours period, to when it tweeted, from 50,000 unique non-bot accounts.
The move assumes significance as it is the first time ever that a cryptocurrency has overtaken Bitcoin in terms of the social media spark.
The Rise
Dogecoin currently as a circulating supply of 128,136,378,598 DOGE coins, and the maximum supply is not available.
According to data provider The Tie, DOGE set a new record for the most tweets on a cryptocurrency over a 24-hour period, besting the previous marks set by leading cryptocurrency bitcoin on Jan. 2, 2021, and Dec. 22, 2017.
The Risk
Buying cryptocurrencies is a risky business and it is better to use ones lose money has its not guaranteed just like stocks and shares.
This same buzz has happened in 2017 and then went down in 2018 which has shown that cryptocurrency is highly volatile because your cash can go down as well as up.