The lockdown around the World is causing investors to do more online trading as a hobby and this is causing the spike in the price of a ‘joke’ in cryptocurrency! DogeCoin
Dogecoin is a cryptocurrency, a form of digital money that, much like bitcoin, enables peer-to-peer transactions across a decentralized network. One important difference: bitcoin is the original blockchain proof-of-concept. Bitcoin is ground-breaking. Bitcoin is (some believe) world-changing tech with the potential to transform how money works in the 21st century.
Jackson Palmer, an Australian started this craze when he was at a Nascar Race in California and saw this Car with a picture of a Shibu Dog on the bonnet. It was meant to be a MEME! DOGECOIN – Digital Currency and the light bulbs went off!
Palmer registered dogecoin.com domain name and decides to tweet and reach out to anyone who was interested. Billy Markus was interested, and he saw that Bitcoin source code was open source and he decided to take a break from his video games and literally wrote the cryptocurrency code just for ‘sillies’ as some would say.
It too Markus 3 hours to just write the DogeCoin Cryptocurrency code. Why was it so easy? It was a CONTROL+F BITCOIN and replaced Bitcoin with Dogecoin. Of course, there was some changes to few elements like Markus created 100 Billion Dogecoin where as Bitcoin only has 21 million. Oh! and the change in fonts too!
But the doge didn’t hit stardom as there wasn’t any miners and also there was no use of it. It wasn’t even listed in Coinbase or other trading platforms until late 2020 when Elon Musk tweet about ‘Doge to the Moon’. Musk tweets has driven the price of Doge up and it has risen over 6000%
1st January 2021 – Doge was trading at $0.00461 with a market capitalization of $726 million
1st April 2021 – Doge was trading at $0.0536 with a market capitalization of $7billion and today
19th April 2021 – Doge is trading at $0.33 with a market capitalization of $42 billion
I suspect that Doge would hit $1 by the end of the month if the same craze still holds. There are predictions it will fly to $10 once it hits $1.
If you are bored….. try invest into DogeCoin and hold for at least several months.