The price of Dogecoin has increased by 100% in the last 48 hours.
What is Dogecoin:
According to CNBC, software engineers Billy Markus and Jackson Palmer invented the digital token in 2013 as a "fun" yet "quicker" alternative to Bitcoin. It began as a satire on the plethora of fraudulent crypto coins that had sprung up at the time, and it takes its name and logo from a Shiba Inu meme that went viral several years ago.
Unlike Bitcoins, which have a limit of 21 million coins (which is expected to be reached by 2040), Dogecoins have no such limit, and there are currently over 100 billion in circulation.
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 network donated $55,000 in digital tokens to a Nascar driver in the United States.
The price of Dogecoin has increased by 100% in the last 48 hours.
For a long time, Musk has been a strong supporter of Dogecoin. He tweeted a captioned photo on Thursday with the caption "Doge barking at the moon," referring to the cryptocurrency market's massive development.
Special things
Dogecoin started with a joke
Many entrepreneurs including Elon Musk have supported this new cryptocurrency
It achieved more than 100 per cent growth in the last 48 hours. In December 2013, a completely new cryptocurrency Dogecoin was launched and its price reached an all-time high on Friday. It has achieved more than 100 percent increase in the last 24 hours and has crossed the milestone of $ 0.291 (about Rs 20), more than double the price recorded a day earlier. This record-breaking rise of Dogecoin has been recorded just one day after a tweet by US billionaire Elon Musk about the 'price hike'. Following Musk's tweet, a large number of his followers expressed interest in investing in Dogecoin.
Dogecoin's value has increased by 11,853.75 percent in the last year. This is significantly higher than bitcoin's 739.93 percent rise. However, when compared to other common cryptocurrencies such as Bitcoin and Ethereum, the price of Dogecoin is still very poor. For a long time, Musk has been a vocal supporter of Dogecoin. . On Thursday, he tweeted a photo with the caption "Doge barking at the moon," referring to the cryptocurrency market's massive development.
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| Musk has been a vocal supporter of Dogecoin. . |
However, this is not the first time that Musk has shown support for this new cryptocurrency. He made a few tweets in February that saw the cryptocurrency grow by 50 percent.
Dogecoin is being promoted by a number of developers, including Musk. Mark Cuban, the owner of the Dallas Mavericks, announced in March that his NBA fans would be able to pay for tickets with Bitpay. He also estimated that the value of digital currency will surpass one dollar.
on the numerous fraud crypto coins that had sprung up at the time, and takes its name and logo from a Shiba Inu meme that was viral several years ago.
Unlike Bitcoins, whose maximum possible number is fixed at 21 million (a figure that is estimated to be reached by 2040), Dogecoin numbers do not have an upper limit, and there are already more than 100 billion in existence.
When the crypto coin first took off, the online community that was backing it invited attention by supporting unconventional causes, such as sponsoring Jamaica’s bobsled team at the 2014 Winter Olympics. Also that year, the Dogecoin community gave $55,000 worth of the digital token to a Nascar driver in the US.
So, what is behind Dogecoin’s rise?
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