Dogecoin Skyrocketing to the Moon — News From The Perimeter

Apr 16

Apr 16 Dogecoin Skyrocketing to the Moon

(Chaz Anon) Cryptocurrency Dogecoin started out as a joke, and then became a popular meme, and now it’s a top-10 digital currency worth $34 billion.

Created in 2013 by software engineers Billy Markus and Jackson Palmer, dogecoin was intended to be used as a faster but "fun" alternative to bitcoin, which they based on the “Doge” meme, which rose to popularity that same year. The meme portrays a Shiba Inu dog alongside nonsensical phrases in multicolored, Comic Sans-font text.

And now, defying all odds, dogecoin has a total market value of $34 billion, according to crypto market data site CoinGecko, adding about $19.9 billion in the last 24 hours. The digital token reached an all-time high above 28 cents Friday morning, more than doubling in price from a day ago.

It’s not the first time dogecoin has seen a wild climb. Like many cryptocurrencies, it has a tendency for volatile swings in price. Earlier this year, dogecoin started mounting a comeback, skyrocketing on the back of enthusiasm from a Reddit group called SatoshiStreetBets.
Like the subreddit WallStreetBets, which helped fuel a rally in GameStop shares at the start of 2021, SatoshiStreetBets aims to pump up the prices of cryptocurrencies.
Dogecoin has been climbing again in the past week, hitting 10 cents a coin for the first time on Wednesday. It’s risen by a whopping 300 percent in the last seven days.
Some reports have attributed the latest dogecoin rally to support for the meme-based token from Tesla CEO Elon Musk. Musk has made several tweets about dogecoin, which in turn has helped push up its price.
On Thursday, Musk posted a cryptic tweet saying "Doge Barking at the Moon," likely in reference to the popular crypto slang phrase "to the moon."
The billionaire has called dogecoin his "fav" cryptocurrency and "the people’s crypto." Musk has also come out as a supporter of bitcoin, with his electric car firm buying $1.5 billion worth of the cryptocurrency earlier this year.
But his tweets have worried some investors, given their apparent ability to move markets. Some bitcoin investors, for instance, have sounded the alarm about Musk’s dogecoin tweets. Nic Carter, co-founder of Castle Island Ventures, warned retail investors "are going to lose money on dogecoin," calling it a "vehicle for speculation."