Dogecoin News Today: Dogecoin – the favorite cryptocurrency of the internet, started in 2013 as an internet meme, has risen in value along with other popular cryptocurrencies, Bitcoin and Ethereum this week.
Dogecoin’s value has increased dramatically this week, adding more than $19 billion in the last 24 hours and now estimated at $38 billion, according to CoinGecko. Dogecoin is based on the “Doge” meme and launched as a “fun” alternative to Bitcoin.
The cryptocurrency was worth 30 cents at the time of writing this article.
It is amongst the top-10 cryptocurrencies that has witnessed a growth over 300 percent in seven days.
News Highlights
Dogecoin’s value has increased dramatically this week, adding more than $19.9 billion in the last 24 hours and now estimated at $38 billion, according to CoinGecko
Dogecoin was worth 30 cents at the time of writing this article
It is amongst the top-10 cryptocurrencies that has witnessed a growth over 300 percent in seven days
What is Dogecoin?
Dogecoin is a meme cryptocurrency developed by software engineers Billy Markus and Jackson Palmer, who wanted to develop a payment system that was fast, fun, free of conventional banking fees. Dogecoin’s logo and name was inspired by the Shiba Inu dog from the “Doge” meme.
How many Dogecoins are there?
Unlike Bitcoins, which have a cumulative limit of 21 million (which is expected to be surpassed by 2040), Dogecoins have no such limit, and there are currently more than 100 billion in circulation.
Also read: CoinFlip: Dogecoin can now be purchased through 1800 ATMs across the US
Why the Dogecoin rise?
The cryptocurrency that was launched in 2013 as an internet parody was forked from Lucky coin – a fork of Litecoin.
When the cryptocurrency first gained traction, the online community behind it drew attention by endorsing unusual causes such as funding Jamaica’s bobsled team at the 2014 Winter Olympics. In the same year, the Dogecoin community donated $55,000 in virtual currency to a Nascar driver in the United States.
Another major reason to Dogecoin’s rising popularity in recent years is its growing list of influential celebrity who frequently express their support for the internet’s favorite meme cryptocurrency on social media. The list includes Carole Baskin, Gene Simmons, Kai Greene, Mia Khalifa, Snoop Dogg and Lil Yachty.
Elon Musk, the CEO of Tesla and the world’s richest man, is the most well-known celebrity supporter of Dogecoin.
Looking at the drastic increase in Dogecoin’s value, it won’t take long for it to surpass $1 soon, according to the Dogecoin community
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