Everything you would like to understand about Dogecoin, the meme-based cryptocurrency

The rush in Dogecoin holds the eye of tycoon Tesla CEO Elon Musk, who on Thursday tweeted an image of a magazine cover of Dogue, a play on the favorite magazine fashion label Vogue.



Dogecoin hit $0.0138 on January 28. This happened days after the Gamestop frenzy on Reddit that caused Gamestop’s share to soar by nearly 2,000 per cent, since the start of 2021.(Getty Images)

Dogecoin, a digital coin originally created as a joke, has soared the maximum amount as 80 per cent and saw an exponential increase in trading volume by over 800 per cent. The surge in Dogecoin possesses the eye of billionaire Tesla CEO Elon Musk, who on Thursday tweeted an image of a magazine cover of “Dogue”, a play on the favored magazine fashion title “Vogue.” This was interpreted by Twitter and Reddit users as Musk supporting the cryptocurrency.

 

But this is not the primary time Musk caused a Dogecoin spike with one among his tweets. A July tweet with a "doge" mean sent the crypto up by 20%.

Here’s everything you would like to understand about Dogecoin:

1. Dogecoin was created by software engineers Billy Markus and Jackson Palmer in 2013 as a joke. The brand of dogecoin may be a Shiba Inu which is predicated on the favored “doge” meme of 2013.

2. Dogecoin hit $0.0138 on January 28.This occurred days later the Gamestop fury on Reddit that instigated Gamestop’s stake to rise by nearly 2,000 per cent, in the meantime the start of 2021

3. Dogecoin witnessed resurgence due to Reddit and a tweet from the chairman of WallStreetBets who wrote on Twitter on Thursday, "Has Doge ever been to a dollar?" WallStreetBets was behindhand the rush in GameStop which twisted pain for evade funds that are shorting or gaming in contradiction of the stock.

.4. Hours later after the tweet, numerous people joined the subreddit Satoshi Street Gambles and carved about taking doge to the moon, which stimulated users to not trade the Dogecoin till its price touches a dollar. One amongst the first posts on SatoshiStreetBets read: Let’s make DOGECOIN a thing. That’s it, that’s the post.”

5. The subreddit r/SatoshiStreetBets calls itself because the crypto version of WallStreetBets. Satoshi is that the name of the mysterious founder, or group of individuals, who developed bitcoin

6. At 12.03pm Singapore time, Dogecoin had added about $7.17 billion to its market capitalization in 24 hours and its total market cap stood at $8.2 billion, making it the ninth-largest cryptocurrency.

7. Such activity within the cryptocurrency space isn't new. In 2018, the US commodity futures trading commission (CFTC) has sounded the alarm about an equivalent.