Dogecoin: Why Did Joke Cryptocurrency Experience Over 800% Growth?
-A digital cryptocurrency which was created as a joke has grown by over 800%
-The growth was inspired by a Reddit board claiming it will be made the equivalent of Gamestop.
-Many Reddit users assumed that Billionaire, Elon Musk was in support of the Cryptocurrency after he tweeted a post that showed a picture of a dog
You would have had 800% return on investment 16 hours ago if you had invested in Dogecoin.
What is Doge? Dogecoin is a digital cryptocurrency that was originally created as a joke. Guess what? The joke is laughing now.
The coin was created in 2013 based on a “doge” meme which was very popular at that time. The logo of this coin is the Shiba Inu, a hunting dog from Japan.
While Doge isn’t recognized like other major cryptocurrencies like Bitcoin and Ether, it has come to be accepted by some Crypto enthusiasts.
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Why did the coin rise?
Doge has seen a sharp rise due to interests from a group of Reddit crypto enthusiasts called SatoshiStreetBets.
This group is try to pump of the price of cryptocurrencies. Some posters have suggested taking doge up to 1$.
When doge began trading in 2013, it was valued at around $0.000232.
In the past 24 hours, it has reached a high of $0.083287 but currently stands at $0.050830.
It would be recalled that Tesla CEO, Elon Musk in April 2019 named Dogecoin his favorite cryptocurrency.
He also recently tweeted a picture of magazine cover Dogue and many assumed he was in support of Doge.