Dogecoin’s unlikely rise from meme to $53bn asset

This article was first published on Silicon Republiccryptocurrency – Silicon Republic
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Today is supposed to be a big day for Dogecoin, the tongue-in-cheek cryptocurrency that has become a $53bn digital asset.

Dogecoin is a cryptocurrency created by engineers Billy Markus and Jackson Palmer in 2013, largely as a joke based on the Shiba Inu meme.

While it has enjoyed occasional bumps in prices over the last seven years, one Dogecoin has typically been valued at less than a cent. However, it has now become the subject of the latest investor rally.

On Monday (19 April), Dogecoin became the world’s fourth largest cryptocurrency after a rally over the last week.

It’s currently trading at around $0.38. That figure might not seem like much when compared to the frothy numbers of bitcoin, but consider that Dogecoin was trading at $0.005 at the start of January.

Dogecoin now has a market cap – the value of all coins in circulation – of more than $53bn. To put that in context, Twitter’s current market cap is $54bn.

Today (20 April) proponents of the cryptocurrency are hoping for a surge in price that would see Dogecoin hit $1.

How has this happened? Like many rallies of late, from Redditors pumping GameStop to Elon Musk touting bitcoin, it happened on social media. This time confectionery played a role.

The Twitter account of Slim Jim tweeted about Dogecoin last Wednesday. Snickers followed suit and Milky Way was cheerleading. Why exactly? Who knows.

This slotted into a flurry of social media posts emblazoned with Dogecoin’s mascot, promoting the cryptocurrency ahead of today, which has been dubbed Doge Day.

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