Sat. Mar 6th, 2021
Cryptocurrency

Credit: india.com

Even though Dogecoin was started as something of a joke or a fun version of Bitcoin in 2013, it gradually gained a following soon after it was created

Cryptocurrency

Dogecoin (DOGE), a digital currency that was initially launched as a joke, based on a viral dog meme, has surpassed all-time high with a 800 per cent surge, giving the meme-based cryptocurrency a market value of about $7 billion.

The record high also prompted prompting a congratulatory message from well known DOGE lover Elon Musk who tweeted a picture of dog posing on the cover of a magazine named ‘DOGUE’ instead of ‘VOGUE’. Even last month, a tweet from the Tesla CEO sent the virtual currency’s value flying.

Dogecoin, much like Bitcoin, is a cryptocurrency, which was initially started as a joke in the year 2013, by software engineers Billy Markus and Jackson Palmer, who decided to create a payment system that is instant, fun, and free from traditional banking fees. And now, Dogecoin is the 10th most valuable cryptocurrency by market value, just behind Bitcoin Cash and ahead of BNB. Dogecoin has the image of a Shiba Inu dog from the popular “Doge” meme as its logo.

According to a report by Investopedia, even though Dogecoin was started as something of a joke or a fun version of Bitcoin, it gained a following soon after it was created. It is believed that DOGE’s casual presentation suited the mood of the crypto community. “Its scrypt technology and unlimited supply was an argument for a faster, more adaptable, and consumer-friendly version of Bitcoin,” said the report.

It added, “Dogecoin is an inflationary coin, while cryptocurrencies like Bitcoin are deflationary because there’s a ceiling on the number of coins that will be created. Every four years the amount of Bitcoin released into circulation via mining rewards is halved and its inflation rate is halved along with it until all coins are released.”

And, in the past 24 hours, the price of Dogecoin (DOGE) skyrocketed to an all-time high of $0.082 per Messari, before settling down to $0.073, up 822% and bringing the year-to-date gains to about the same amount. As per reports, over $12 million worth of DOGE was traded in the past 24 hours.

Reports suggest that the price of Dogecoin surged steeply after Reddit traders targeted it in an attempt to repeat the unprecedented share rises in heavily shorted companies like GameStop and AMC.

As soon as Dogepain price soared, so did the Dogecoin funny memes and jokes all over the internet. Netizens couldn’t just keep calm as Dogecoin’s value increased in matter of a day and flooded the internet with hilarious posts and memes. Many social media users are even urging others to buy in, declaring they could propel the cryptocurrency’s value “to the moon.”