'Absolute crazy ride': Dogecoin records biggest jump, netizens can't keep calm

Dogecoin, a cryptocurrency that started as a joke in 2013, recorded its biggest jump in a day on April 16. According to its 24-hour window on Coinbase, Dogecoin recorded a 112.89 per cent growth with the value of the cryptocurrency currently standing at US$ 0.29. This is the highest value it has ever reached and has surpassed its previous high of $0.115, which the digital currency recorded just two days ago.

In early January, each token was worth less than one cent. However, later that month, its value shot up to 7.5 cents, well over a 10-magnification, before sliding down to 2.5 cents. Now at its peak, Dogecoin has hit a market cap of over 14 billion dollars, as reported by Cnet.  

SpaceX Chief Executive Elon Musk has a huge role to play in Doge’s surging popularity. In February, the tech billionaire announced his liking for Dogecoin by terming it as “people’s crypto”. Just recently, on April 15, he shared a 1926 painting and captioned it “Doge barking at the moon.”  In addition to Musk, rapper Snoop Dogg has also shown considerable interest in it and made a tweet regarding the same.

This dogecoin price pump was started on websites like Reddit and Twitter where people unironically started to trend the term 'To the Moon', a term popularly used to describe cryptocurrencies when they hit really high prices. Meanwhile, netizens have taken to Twitter to share their excitement. Many have also shared investment tips for others. 

Dogecoin Price Prediction 

The cryptocurrency market essentially functions similar to the stock market, meaning there are inevitable periods of highs and lows, dictated by supply and demand. Right now, a lot of people are buying up Dogecoin, pushing up the prices of this cryptocurrency to new highs. However, it cannot be predicted how high the coin will go before it inevitably starts falling down. Stay tuned for more news on Dogecoin and other cryptocurrencies.

Image Credits: AP/Representative/NighthawkIII/Twitter