The buzz around bitcoin might not be dying any time soon as more cryptocurrency continue to soar high in value. Dogecoin is going from a meme-based crypto to become the latest cryptocurrency on the trend table rising as fast as 800% in 24hours.

Here is what to know about Dogecoin

Started as a Joke. Launched in 2013, Dogecoin was originally invented as a joke by software engineers Jackson Palmer and Billy Markus. The meme-crypto has the image of a Shuba Inu dog as its logo.

It was marketed as the “fun” version of bitcoin but to the inventors surprise it jumped 300% after China banned banks from investing in cryptocurrencies.

Dogecoin then skyrocketed alongside other cryptos during the high value rate in 2017 but fell with the rest of them over 2018.

Elon Musk Influence

Dogecoin is back at the top after series of viral tweet of the world richest man Elon Musk. Musk’s followers saw his tweet on Dogecoin as a recommendation.

“One word: Doge,” the world richest man tweeted in December 2020.

Read Also: Where to buy Dogecoin (DOGE) And Why People Buying It Right now

This sent the cryptocurrency to a 20% surge and rising. According to the TIE, there were over 100,000 tweets about Dogecoin in the trailing 24 hours period, to when it tweeted, from 50,000 unique non-bot accounts.

The move assumes significance as it is the first time ever that a cryptocurrency has overtaken Bitcoin in terms of the social media spark.

The Rise

Dogecoin currently as a circulating supply of 128,136,378,598 DOGE coins, and the maximum supply is not available.

According to data provider The Tie, DOGE set a new record for the most tweets on a cryptocurrency over a 24-hour period, besting the previous marks set by leading cryptocurrency bitcoin on Jan. 2, 2021, and Dec. 22, 2017.

The Risk

Buying cryptocurrencies is a risky business and it is better to use ones lose money has its not guaranteed just like stocks and shares.

This same buzz has happened in 2017 and then went down in 2018 which has shown that cryptocurrency is highly volatile because your cash can go down as well as up.

Value of Dogecoin soars after Elon Musk endorsement

Amidst the instability in market value of cryptocurrencies globally, Dogecoin (DOGE) on Thursday hit a record high, appreciating by over 800% in 24 hours

Dogecoin, a meme-based crypto, was less than $0.13 per coin but spiked to $0.082 per coin on Thursday.

The crypto is not so popular compared to Bitcoin, Ethereum and other digital currencies but enjoys the endorsement of current world’s richest man Elon Musk.

Elon Musk in a tweet in July 2020 projects Dogecoin to reach an influential stage in global financial system in the future.

Musk had singlehandedly pumped the price of Dogecoin with a handful of tweets from his Twitter handle with closed to 44 million followers.

Crypto traders and global investors are rushing to have a stake in this fast-growing crypto, on the account that it has the unique endorsement of the world’s richest individual presently worth $199 billion.

DOGE, which was started in 2013, is now the 10th most valuable cryptocurrency by market value, just behind Bitcoin Cash and ahead of BNB.

Dogecoin has a market value of $7.3 billion. It presently has a circulating supply of 128,136,378,598 DOGE coins, and the maximum supply is not available.

Over $12 million worth of DOGE traded in the past 24 hours.

According to data provider The Tie, DOGE set a new record for the most tweets on a cryptocurrency over a 24-hour period, besting the previous marks set by leading cryptocurrency bitcoin on Jan. 2, 2021, and Dec. 22, 2017.

The Guardian