Dogecoin hits new heights as fans celebrate Dogeday
Dogecoin hits new heights as fans gloat Dogeday
In Dec 2013, software engineers Billy Markus and Jackson Palmer unleashed Dogecoin on the globe.
With a website and wallet featuring the face of the Shiba Inu dog from the Doge meme (and horrific amounts of Comic Sans), it was a memecoin that soon made headlines with its absurdity. Seven years on, it'due south celebrating its official solar day (Dogeday iv/20), and has even solidly outperformed Bitcoin over the past week.
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Before today, the toll of a single DOGE jumped upward past 18% to 42 cents. That's only brusk of the coin'south all-time loftier of 45 cents, which was achieved at the end of last week. Bitcoin, on the other hand, was down four.6%, trading at $54,763.19 this morning, with Ethereum — the second largest crypto currency — also down by 5.iii%, trading at $2,134. Though DOGE later dropped to a cost of 35 cents (as of the fourth dimension of writing), it'due south however way up on its value of roughly nine cents but a week ago.
While information technology seems like nosotros've entered an absurd Twilight Zone-like era of unpredictable financial turbulence, there is some method to this madness. Sort of.
In an age of likes, shares and virality, a single tweet from, say, someone with the social clout and influence of Elon Musk can cause a surge in cost, with people snapping upwardly anything from Dogecoin to NFTs, purely "for the lols."
Musk, incidentally, is one of the main reasons for Dogecoin'southward recent meteoric rise in popularity. In January, it shot upwards by over 800% in but 24 hours to reach $0.07, inspired partly past reddit's GameStop short squeeze movement, and partly by Musk tweeting a picture of a Vogue magazine cover parody called Dogue, to his 51.vi one thousand thousand followers. Yes, really.
Throw in the fact that Dogeday falls on iv/20 (the recognised national holiday for marijuana enthusiasts), and the fact that its overall worth is around that of Dell, and we're starting to think that anything really is possible.
Users on sites such as Reddit and Twitter are standing to urge people to buy DOGE in the hope of driving the price up to a dollar. And given the events of the past few months, we honestly wouldn't be surprised if they succeeded. At present the sixth near valuable cryptocurrency in the earth in terms of market cap, the people shouting "DOGE to the moon" vii years ago are definitely enjoying this crazy ride the nearly, and quite frankly, they deserve it.
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Source: https://www.tomsguide.com/news/dogecoin-hits-new-heights-as-fans-celebrate-dogeday
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