Dogecoin advanced 24 percent over the same period as of 7.50 am in London, according to CoinGecko pricing, said Bloomberg. Bitcoin and Ether, the better-known cryptocurrencies, were up 6.2 percent and 14.9 percent respectively over the past seven days.
Dogecoin is up more than 14,000 percent in the past year, in a run-up that’s surprised even the crypto community and gives it the sixth-biggest market value.
The Coinbase exchange is offering investors to opt-in and purchase $100 worth of dogecoin by June 10, 2021, for a chance to win $1.2 million in prizes.
"We launched informational asset pages (see DOGE), as well as a new section of the Coinbase website to answer common questions about crypto," Coinbase said in a blog post.
DOGE is more accessible now with Coinbase supporting the meme-based token on Coinbase.com and in the Coinbase Android and iOS apps.
As a matter of fact, meme currency dogecoin (DOGE), the Shiba Inu-themed cryptocurrency, started as a joke in 2013 before becoming a phenomenon in the digital cryptocurrency space.
In 2013, Jackson Palmer, then an employee at Adobe, made a satirical tweet (unfortunately lost to the void) about investing in ‘Dogecoin’, his joke cryptocurrency, he did not actually think people would do it. Jackson Palmer had tied up with Billy Markus, an IBM developer, to create the cryptocurrency.
By 2014, it became the fifth-largest cryptocurrency in the world and it even spawned convention for its fans in San Francisco creatively titled "Dogecoin."
DOGE has also been a favourite of Tesla and SpaceX founder Elon Musk whose tweets have contributed to the price volatility of the meme cryptocurrency.
Dogecoin is creating a buzz on social media platforms. “If anyone has a problem with Elon they’ll have to go through the #DogeArmy first,” one Twitter user quipped taking a jibe at Elon Musk and his back-n-forth on Twitter with respect to sales of Tesla cars using Bitcoins. The @dogecoin Twitter home page describes “Dogecoin as an open source peer-to-peer cryptocurrency, favored by shibas worldwide. Elon Musk thinks we're pretty cool."
Billy Markus, a co-creator of Dogecoin, joked that he bought a new Tesla with Dogecoin -- with photos that showed a toy-sized replica vehicle. Musk “liked” the tweet.
(Edited by : Jomy Jos Pullokaran)