Dogecoin is the earnest cryptocurrency, born out of a meme that its creators thought was “funny.” Now it’s a top-10 digital currency worth $34 billion.
The cryptocurrency is based on the “Doge” meme. It represents a Shiba Inu dog alongside nonsensical phrases in multicolored, Comic Sans-font text.
In 2021, Dogecoin started trading for less than a penny to hitting a price of 14 cents by mid-April, with 11.7 billion units circulating.
Elon Musk, the founder of Tesla, posted pictures of Shiba Inus, and YouTuber Marques Brownlee described Dogecoin as the more accessible, less intimidating crypto for the people.
According to Billy Markus, an IBM engineer and a co-founder of Dogecoin, there are many different reasons that people are buying it, and it’s more or less gone mainstream at this point.
Now Dogecoin has a total market value of $34 billion, according to crypto market data site CoinGecko. It boosted by about $19.9 billion in the last 24 hours. The coin hit an all-time high above 28 cents Friday morning, more than doubling in price from a day ago.
Dogecoin has been rising again in the past week, hitting 10 cents a coin for the first time on Wednesday. It’s boosted by 300% in the last seven days.
Reddit user announced he became a Dogecoin millionaire
On April 16, one Reddit user posted a picture of their dogecoin holdings on the Robinhood investing app, saying that he became a Dogecoin millionaire, with $1,081,441.29 in their account.
Another essential thing to mention is that the most popular U.S. virtual currency exchange, CoinBase, went public on Wednesday, briefly reaching a $100 billion market capitalization in a landmark moment for cryptocurrencies.
The excitement around Coinbase’s debut led to a boost in the prices of bitcoin and Ether. Bitcoin reached a record high of over $64,000 on Thursday. Meanwhile, Ether briefly surpassed $2,500 for the first time Friday morning.