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This article is more than 10 month old.

Dogecoin: The ‘joke cryptocurrency’ everyone is talking about

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Created as a joke in 2013, Dogecoin has soared to wild levels — as high as 800 percent — to become one of the most widely traded cryptocurrencies at present.

Dogecoin: The ‘joke cryptocurrency’ everyone is talking about
Created as a joke in 2013, Dogecoin has soared to wild levels — as high as 800 percent — to become one of the most widely traded cryptocurrencies at present.
This coin, named after the ‘doge’ meme based on the Japanese Shiba Inu dog, has seen an 80 percent price increase along with a massive spike of 800 percent in trading volume. In sheer numbers, the cost of Dogecoin has hit $0.070755 or Rs 5.16 as of 9.30 am IST on Friday (January 29), according to Coingecko. It had reached a record high of $0.072330 or Rs 5.28 at one point.
You may scoff at the figures, but it was at just $0.0047 or 34 paise towards the end of 2020.
So, what has caused the unexpected spike? It all started when a group of Reddit members engaged in a discussion over trying to put Dogecoin on the same trajectory of the enormous share rises in heavily shorted companies such as GameStop, BlockBuster and AMC.
On January 28, one of the Redditors dubbed Doge as ‘crypto game’, GME being the stock ticker for GameStop. Another talked about pushing Doge to $1 per coin.
The price of dogecoin has seen both highs and lows over the past few hours but Reddit users are determined to keep the momentum going. They are encouraging people to “keep pushing” instead of selling the coin.
Business magnate and founder of Tesla, Elon Musk had also tweeted about dogecoin earlier. In April 2019, he had labelled it as his “fav cryptocurrency”.
Musk, on Thursday, tweeted an image of a magazine cover ‘Dogue’, a play on fashion glossy Vogue, which Redditors viewed as his support for the cryptocurrency.
Its price has also nearly doubled at the beginning of 2021 when adult movie star Angela White tweeted about being a HODler. That set her 1.3 million followers to get Dogecoin, boosting its price.
To know what a HODler is, click here
According to statistics available on Coinmarket app, Dogecoin has added nearly $7.17 billion to its total value in a 24-hour period, taking it to $8.2 billion. With this, it has become the ninth largest cryptocurrency.
Dogecoin was the brainchild of techies Billy Markus and Jackson Palmer, who started it as a joke to sidestep traditional banking fees in 2013 when it was trading around $0.000232 or Rs 0.017.
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