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.
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?"
.
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.
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