New Delhi: 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. Also Read – US Capitol Hill Riots: Bitcoin Payments Worth USD 500,000 Made to Far-right Activists Before Attack, Says Report
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. Also Read – Bitcoin Turns 12, Blasts Past $34K for First Time, Hours After Crossing $30K
pic.twitter.com/a6kmk0PEgM Also Read – Above $20,000: Bitcoin Trading To An All Time High
— Elon Musk (@elonmusk) January 28, 2021
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.”
Let’s take a look:
I sold my house but I’m going to the moon #dogecoin pic.twitter.com/NzZKOvVjQ7
— Dr Doge (@drdoge_) January 29, 2021
#dogecoin on a Spacex going to Mars today pic.twitter.com/0JQ9BrU8Hl
— luke (@mindofxluke) January 29, 2021
the #dogecoin community agreed we’re all buying tesla’s if dogecoin hits $1 @elonmusk care to help
— alex (@Af179815) January 29, 2021
Me convincing others to buy #dogecoin.
It has huge storage of value potential. Better than #Bitcoin pic.twitter.com/HwKALGGQAN
— Manish Negi (@camanishnegi) January 29, 2021
the new dollar bill is looking real nice #dogecoin pic.twitter.com/C9YNj3bn4G
— ✪ (@jawshguy) January 29, 2021
Will there be a crypto party where you are giving away #dogecoin?
— Jussiwen (@jussiwen) January 28, 2021
If #dogecoin hits $1 I’m telling my kids this was Da Vinci’s finest work pic.twitter.com/PKZjcPCWZs
— James (@james_millar22) January 29, 2021