Dogecoin began as a joke, now it comes under the top 10 cryptocurrencies worth $40 billion. In late 2013, the “Doge” meme-based virtual currency rose its wide popularity. This meme showcase a Shiba Inu dog beside phrases nonsensical in Comic Sans-font text multicolored.
Jackson Palmer and Billy Markus, the software engineers who developed Dogecoin in 2013 was intended to be applied faster but used as a “fun” substitute to Bitcoin. Since then it has found an increasing online community. Now going against all odds, Dogecoin has led its whole market value of greater than $40 billion. In the opinion of one familiar crypto market data site, namely CoinGecko, in the last 24 hours, Dogecoin is adding $20 billion and more. The crypto-token meet a record time high of 32 cents on Friday morning and it turned almost double to the previous day.
This wild climb of dogecoin has not happened for the first time but like other digital currencies, its price also has volatile swings. Dogecoin’s price started rising in 2018 in comparison to the rest of familiar cryptocurrencies. Since then, it had remained fairly off the radar. In an earlier phase of this year, dogecoin skyrocketed on the enthusiastic back from a group of Reddit called SatoshiStreetBets.
It is similar to the WallStreetBets subreddit, which supported charge a rally in the shares of GameStop at the 2021 beginning time, SatoshiStreetBets targets to electrify the value of digital currencies. In this previous week, on Wednesday, dogecoin has again started climbing that hitting a 10 cents coin for the first time. In the last seven days, this digital currency has risen by a massive 400% figure.