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Elon Musk’s meme cryptocurrency Dogecoin is on a rise, can be next Bitcoin

Only few weeks back, people were making memes about Dogecoin. Seems like it is having the last laugh. The cryptocurrency made popular by Tesla chief Elon Musk, has reached an all-time high after a 70.22 per cent in the last 24 hours, the highest ever surge it has seen. This take Dogecoin’s current value to $0.122680 or almost 12 cents. The market cap of Dogecoin, literally listed as a ‘memecoin’, is now over $14 billion.

The surge is incredible given that one Dogecoin was less than a cent at the start of this year. It shot up to 7.5 cent before going down to 2.5 cents. Dogecoin spent last few months between three and seven cents range. However, the crypto got another boost on Sunday when its price began to rise again, before smashing the 10-cent milestone.

According to a report published by stock market news site Benzinga on Tuesday, the cryptocurrency soared to nearly 1,900 per cent since the beginning of 2021. It is also the biggest trend on Google right now. The jump is significant given that Bitcoin has seen a surge of 117.47 percent during the same period.

What is Dogecoin?

Dogecoin was created by two software engineers Billy Markus and Jackson Palmer as fun and instant cryptocurrency in December 2013. It is a digital currency just like Bitcoin, used for e-transactions. It’s difficult to believe that the coin got its name from a ‘doge’ meme and has a picture of the shiba inu on it.

The currency came into global prominence after Tesla’s chief executive officer (CEO) Elon Musk, rapper Snoop Dogg and rock band Kiss’ bassist Gene Simmons mentioned it on Twitter.

Many have hailed Bitcoin as the future currency one that will change the way world works. Dogecoin was an internet joke. It’s what people laughed at. Yet, here we are. Dogecoin has become a cultural icon across the world and is one of the most popular cryptocurrencies in the world. This is surprising and baffling, at the same time.

One of the reasons behind this jump has been platforms like Reddit and Twitter where people started using the term ‘To the Moon’ with reference to Dogecoin. The term is popularly used for cryptocurrencies when they hit really high prices. Musk also added to the buzz by using a cryptic tweet that said, ‘Going to the Moon very soon’.