Image Source: Shutterstock
Over the past couple of weeks, the cryptocurrency market has been very bullish, and a lot of major cryptocurrencies are seeing an upward trend in prices. In the past week alone, XLR and XML both have also seen a significant rise in prices up to 20 per cent. Dogecoin also rose to one of its highest prices yesterday, at a price of 0.33 dollars, almost a 200 per cent jump in a span of 24 hours. The prices of Dogecoin usually rise when celebrities such as Elon Musk tweet about the Crypto. Moreover, Dogecoin enthusiasts on Reddit and Twitter have been encouraging users to keep buying and bring the prices 'To the Moon'.
On Thursday, Elon Musk shared a cryptic image on Twitter that signified that DOGE was going to the Moon. 'To the Moon' is a term that was popularised by Wall Street Bets and Reddit. The term and is used by people to say the crypto/share's prices are going to rise up dramatically. Fueled by Elon Musk's tweet, a lot of people bought large quantities of Dogecoin (DOGE), which drove up the prices from a 24 hour low of 0.10 dollars to 0.33 dollars a 200 per cent rise in the price. At the time of writing this article, the Dogecoin price stands at 0.256 dollars.
It's unclear just how much Dogecoin Elon Musk holds. However, back in February, Elon Musk had tweeted that he had bought some 'Dogecoin' for his son to hold. He has also built his own Dogecoin mining rig to teach his children about mining cryptocurrencies.
Dogecoin is an inflationary cryptocurrency, meaning there is no limit to the supply. Anyone can mint any number of Dogecoins. At the time of writing this article, there are more than 120 billion Dogecoins out in the world and millions are added each day. However, the cryptocurrency market is very volatile as seen over the past year. A joke currency like Doge can rise up thousands of per cent in the span of a year. It's unclear if Dogecoin will fall but if the cryptocurrency market enters into the bear territory, there is a good chance Dogecoin will crash.
Dogecoin is a cryptocurrency that was originally formed in 2018. Doge was built to be a friendly introduction to the concept of cryptocurrency for the general public/layman and had a 'fun and friendly' brand image behind it. The face of DOGE was the dog Shiba Inu, who became popular as the DOGE meme. It literally became a 'meme cryptocurrency'. Nobody in the early years believed DOGE would become as valuable as it is today.
However, Dogecoin grew in popularity because of the community surrounding it was massive and they basically made DOGE look like the money of the future. Popular celebrities like Elon Musk also supported and joked around about Dogecoin. More than anything, DOGE helped to spread awareness about the value and importance of blockchain technology and cryptocurrency among millions of people worldwide. Today, Dogecoin has become one of the most popular cryptocurrencies.