The once satirical currency of Dogecoin saw an immense escalation in value on Friday morning, tripling in cost in 24 hours. This occurrence followed the mass wave of hashtags used by Dogecoin fans on April 20th such as #DogeDay and #DogeDay420. 11:00 am Friday was when Dogecoin leaped 203% to reach its record high of $0.404, making the market cap of this cryptocurrency $52.2 billion.
According to CoinGecko.com, Dogecoin’s sudden increase made it the seventh-largest cryptocurrency concerning the market cap. Of course, this is relatively lower than the ruling cryptocurrency, Bitcoin, which has a market cap of $1.1 trillion.
Dogecoin started as a ‘joke’ in 2013, is based entirely on the Shiba Inu meme ‘Doge.’ This meme-based cryptocurrency has long been supported by Bitcoin advocate Elon Musk, who often tweets about his support for this smaller chain of currency. He even once dubbed Dogecoin to be the ‘people’s crypto’, one which has ‘no highs, no lows, only doge.’
David Kimberly said that people are buying the dogecoin just for making a quick buck and entertainment and such a bubble would burst soon. Dogecoin has been experiencing spikes in value since earlier this year, bouncing up to 800% of its prior value in late January, credits to the efforts of SatoshiStreetBets, a well-known Reddit board. SatoshiStreetBets aims to promote certain cryptocurrencies, similar to the Reddit board WallStreetBets which boosted the shares of GameStop in early 2021.
One member of the SatoshiStreetBets group wrote:
“I was one of the people that said Doge will not hit $0.10 and I put my foot big time in my mouth. I am no longer in the disbelief that a meme coin with such a huge community can not do amazing things and make people big profits,”
There are more critical perceptions on the Dogecoin which do take a realistic, though biased, take to its future.
The power of a popular meme and the internet was underestimated, as proven with the nefarious Dogecoin and its rapid climb to success. Whether or not Dogecoin will truly become a standard means of profit in the cryptocurrency world is still for the future to hold, but one thing is for sure; Doge is not going anywhere.
Reported By: Ehtisham