Dogecoin is a cryptocurrency which was created by software engineers Billy Markus and Jackson Palmer as a “joke” for leading cryptocurrencies like Bitcoin, inspired by the popular Doge meme with a picture of Shiba Inu.
Dogecoin is an open-source, peer-to-peer cryptocurrency. It’s classified as an altcoin and a snarky meme coin. Mining Dogecoin uses less power than the SHA-256 algorithm used by Bitcoin but it isn’t as secure as bitcoin because of a lack of technical progress.
Dogecoin has always witnessing a sharp rise and fall as it remains a highly volatile crypto asset.
Elon Musk Effect on Ups and downs of Dogecoin
At press time, according to tracking from Coingecko, Dogecoin is trading at $0.145. Earlier, the asset was able to hit the $0.15 marker – a level it last reached in April this year.
Dogecoin is once again benefiting from the developments that involve the “Dogefather,” Elon Musk and Dogecoin enthusiasts are loving every minute of it. Recently DOGE Outperformed Bitcoin, Ethereum in weekly and monthly gains.
Dogecoin surged more than 70%, extending its week’s gains after Elon Musk sealed a $44-billion deal to take over Twitter last week. Musk tweeted an image of a dog wearing a t-shirt with the Twitter logo along with a Halloween pumpkin and this tweet caused has a sharp rally in the prices of Dogecoin. Crypto fans are taking it as a sign of integration of Dogecoin with the Twitter ecosystem.
Last year, Elon Musk had announced that people could buy Tesla and Starlink merchandise using Dogecoin. It had led to a 17% jump in Dogecoin’s price then.
IN February 2021, cryptocurrency Dogecoin surged more than 50% after billionaire Elon Musk tweeted his support for it.
In April 2021 also, Elon Musk tweeted that “Doge Barking at the Moon”. His this post had triggered a sharp rally in Dogecoin price, almost up by 20% in a single day.
Musk comments at many times also resulted in Dogecoin’s price fall. For example, in a US comedy show in May 2021, Musk said that Dogecoin was a “hustle” for him. This comment of his led to a 35% drop in Dogecoin price.
Inspite of all this ups and downs of Dogecoin, long term investors have benefited hugely.
