This week, many have heard that digital currencies, Bitcoin and Ethereum, are not the only ones that have hit record highs. This week, the cryptocurrency with the Shiba Inu dog face as its logo, the Dogecoin, exceeded 10 cents for the first time.
Virtual Currency
This virtual currency started as an internet joke seven years ago. According to CoinDesk, Dogecoin has risen more than 85% in the last 24 hours and is now trading at $0.13. It now has over $17 billion in its market cap.
Currently, the most advanced surge is coming from investors getting ready for the direct listing of cryptocurrency trade Coinbase Global. This could help in the future to verify crypt buying and selling it as a business.
Another cryptocurrency to hit a new record of more than $62,700 this week before the listing is Bitcoin. Many cryptocurrencies are also enjoying the gains they are getting.
However, the rise of Dogecoin has been exceptional. From the start of the year, it has risen more than 2,000%. Furthermore, it has a fan of the CEO of Tesla, Elon Musk. Musk has tweeted about Dogecoin on various occasions, which helped to drive the value of Dogecoin.
Furthermore, Dogecoin enjoyed the cult status they got on Reddit. On Reddit, a popular group, unlike the WallStreetBets group, behind GameStop’s rally at the start of this year, decided to launch its value ‘to the moon.’ This push helped Dogecoin soar more than $600.
Dogecoin
The richest fan of Dogecoin is Elon Musk. However, before has been more critical regarding bitcoin and even called it BS in his tweet.
On a social app, the Clubhouse, in February, Musk said that eight years ago, he should have brought the digital currency. However, he does promise his customers that they can buy their cars with Bitcoin.
A company to debut on Wednesday is Coinbase. The company has been said to be profitable, and it was reported that it will have a stronger growth of revenue.
Based on current private stock trades regarding Coinbase, the company will be at a stunning value of around $68 billion. To understand it in simpler terms, the value of Coinbase is more than the value of Intercontinental Exchange, the owner of the New York Stock Exchange.
FAQs
Who is the founder of Dogecoin?
Dogecoin started as a playful idea, born from the minds of IBM software engineer Billy Markus and Adobe software engineer Jackson Palmer. Their goal was simple: to make a digital currency that could be used by a wider group of people than Bitcoin.
Is it ok to buy Dogecoin now?
Financial experts advise against long-term investments in Dogecoin due to its speculative nature and vulnerability to market fluctuations. Before putting your money into it, it’s crucial to assess your personal risk tolerance and financial situation, as the value of Dogecoin can experience substantial ups and downs.
Will DOGE rise again?
In May 2021, DOGE reached its all-time high (ATH) but has since dropped by a whopping 92%. As of now, Dogecoin holds a market cap of $8.3 billion. Looking ahead, our Dogecoin price prediction suggests that by the end of 2023, DOGE is expected to reach an average price of $0.0709. Moving into 2025, our forecast for Dogecoin’s price anticipates an average of $0.3.
Should I invest in Bitcoin or Dogecoin?
Dogecoin outshines Bitcoin in one key way: its transaction speed. Dogecoin’s network processes transactions much faster than Bitcoin, giving it a distinct edge. Furthermore, the affordability of Dogecoin enables individuals to accumulate substantial holdings, contributing to its “meme effect” as well.
