Internet junkies are truly hyped up as DogeCoin occupies the spotlight.
DogeCoin sounded like some internet jokes out there, but it is not. While it is true that it was initially designed as satirical material to parody cryptocurrencies, DogeCoin is definitely legit.
It was derived from Doge, a famous meme loved by the internet. From this, it was literally branded as a “meme coin’’ when it was classified as a cryptocurrency. Created in 2013, DogeCoin continues to skyrocket.
This semi-ironic movement culminated due to the involvement of many buyers worldwide, as well as the purchasing of thousands of online posters. It also involves Elon Musk, the richest man in the world at the moment.
DogeCoin’s value before the upsurge
Before this sudden increase, the value of each DogeCoin token was only worth less than 1 cent. After that, the coin shot up to 7.5 cents when both DogeCoin and GameStop enhanced their movements. It spent five months in the market valuing 2.5 cents to 3 cents to 7 cent range. Just last Sunday, its price gradually raised from 6 cents to 10 cents in an instant.
On Friday, April 16, this new cryptocurrency made its way to the top. From 5 cents in March, it reached a record of 43 cents, breaking its highest of 38 cents. Its current market cap is grossly over $48 billion. This remarkable increase in value was caused by the Wall Street Bets, a Reddit community when they persevered to pump Gamestop’s stock to $1,000 per share. Afterward, it grew up to $483, kind of short of its goal but better than its dramatic spike of as low as $3.77 that lasted 52 weeks. Consequently, cryptocurrency users became attached to sending DogeCoin to 10 cents. Now it has resulted in going beyond its goal.
Current DogeCoin’s value
DogeCoin’s upsurge from a little 1 cent to 40 cents must be the result of Elon Musk, Doge’s highest-profile supporter. He tweeted the support for the cryptocurrency that led to its reputation now. To add, another possible reason was the setback of Robinhood, a popular investing app. Because of this, users realized that their DogeCoin orders were listed as “pending” for an extended period. Hence, leading to thoughts that this was a replay of Robinhood’s controversy to stop selling the stocks of GameStop when it was skyrocketing. Fortunately, the company disproved this assumption, as mentioned in their tweet last Thursday, saying the issue has been resolved.
Most people on the internet are familiar with Bitcoin and possibly Ehtereum too. These two names are the two most prominent cryptocurrencies. Underneath these big reputations are smaller markets called “altcoins” or “shitcoins.” These penny stocks are created to improve facets of its blockchain.
It started from the bottom; now it is here. DogeCoin proves that one must not underestimate the power of smaller cryptocurrencies, especially those made just to parody. From $1 during its launching, it now trades for over $2,000. Learn more by reading the related stories on your Android phones or PCs.