Dogecoin: Will it be the Next Bitcoin?

Dogecoin :

The world of cryptocurrency is booming like never before.

Not too long ago, there was a joke on the meme-cryptocurrency, Dogecoin when its price rose to a new high at that time, well, now it’s time for Dogecoin to laugh back.

Many virtual currencies like Bitcoin, Etherium, and Litecoin have spiked in value in just a few days. And Dogecoin coin has had its part of the climb, in fact, Dogecoin has seen the biggest surge than any other cryptocurrencies.

According to Coindesk, the market cap of this Cryptocoin is now valued at close to $35 billion with each coin touching the new height of $0.269, that’s a 134% rise from what it was a few days ago.

What is Dogecoin?

On 6th December 2013, two software engineers, Jackson Palmer from Sydney, Australia, and Billy Marcus from Portland, Oregon created “Dogecoin.”

Their intention was to create a fun cryptocurrency that could reach beyond the main Bitcoin traders and basically used to pay each other on Reddit and Twitter for good content creation.

It is based on the “Doge” Internet meme featuring Shiba Inu as its logo that was popular in 2013.

The coin now has a circulating supply of 130 billion coins with Binance as its top active marketplace.

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Why is Dogecoin’s value on the rise?

This meme coin has seen a massive 1900% increase since 2021 began and has witnessed a 134% surge adding $19.9 billion in the last couple of days.

The frenzy over ‘Doge’ first began when Tesla and SpaceX CEO Elon Musk bought Dogecoin for his son X Æ A-Xii. People started flocking for this virtual currency.

The price hovered at around $0.065 for some days until the crypto platform Coinbase was listed on the Nasdaq stock exchange, the price of Doge started to soar.

Elon Musk’s tweet on the coin with timed intervals and the trading by Reddit traders group called “SatoshiStreetBets” have made this virtual coin reach its highest value.

Other celebs like Gene Simmons and Snoop Dog also had their share of promoting Doge on social media. EasyDNS has also started accepting Dogecoin as payment.

But some are concerned about this huge growth of this digital token stating that it might create a bubble that might pop leading to a massive drop in its price.

Whatever it is, Dogecoin is now anything but a joke.