The meme-based digital currency Dogecoin has maintained its popularity, with Tesla CEO Elon Musk and rapper Snoop Dogg both sending out a series of tweet messages over the weekend, pushing raise the cost of the meme-currency. Dogecoin jumped 31% to a new high of $0.083745 on Monday as a result of the series of tweets-dogecoin news at https://www.webull.com/newslist/ccc-dogeusd. According to CoinMarketCap, digital currency is now one of the top ten digital coins in terms of market capitalization.
On Sunday, Musk tweeted an instructional YouTube video on Dogecoin, and Snoop Dogg captioned a photo of the dog that inspired Dogecoin news with “@elonmusk.”After the currency’s copycat surge to GameStop, Musk has been constantly commenting about it.
Dogecoin soared almost 600 percent in January, boosted by the GameStop craze on Reddit.
Dogecoin’s recent success isn’t the first time the unique digital currency has earned a lot of attention. Dogecoin began as a joke amongst two engineers in 2013. When IBM software engineer Billy Markus and Adobe software engineer Jackson Palmer effectively merged two of 2013’s biggest trends: Bitcoin and “doge,” both had never met. Hence, Dogecoin is the outcome. Litecoin, an open-source software project, was used to create the currency. Unlike Bitcoin, for example. The number of coins that can be created in the Dogecoin system is unlimited.
Redditors helped dogecoins to developer:
On Reddit, the digital currency exploded, with a market cap of $8 million in total. It gained popularity as a result of the internet tradition of “tipping,” which was a way of rewarding people while doing “good deeds” such as sharing an idea or making a website more available.
According to the engineers, Dogecoin became the second-most-tipped currency within a week of its launch.
The digital currency has long contributed to a society that separates itself from institutions like Wall Street by a sense of goofiness. Understandably, Reddit users will invest in the stock besides GameStop and AMC to compete with vital hedge funds.
In 2013, Dogecoin created its own culture, because the currency has a lower entry barrier than Bitcoin for people interested in cryptocurrencies. In 2017, the currency reached a new high with a market cap of $2 billion.
The digital coin’s surge has been fuelled by the subredditSatoshiStreetBets, in which users intended to send the currency to the moon or at least to their target of $1 per coin. Similar to GameStop’s rise, which was fueled in part by Reddit users with WallStreetBets.
Similar attempts were made in July with DOGEUSD news, when a failing TikTok trend called for the coin they forced to equal a US dollar. Redditors also have a long way before the coin’s price reaches a dollar; Dogecoin is worth approximately $0.0779, up to $0.0779 on Friday.