DogeCoin began as a parody of cryptocurrencies, but Tuesday’s increase in cost isn’t a joke. The altcoin struck a record 60 cents on Tuesday, flying beyond its previous high of 43 pennies, although it’s currently stabalized approximately 55 pennies. Even if DogeCoin was only temporarily over 60 cents, it is still a new landmark in DogeCoin’s miraculous 2021. Back in January, when every token was worth around 1 cent, Doge devotees had dreams of the coin hitting 10 pennies in value.
The price of DogeCoin started ticking around the weekend. Tesla CEO Elon Musk is Doge’s highest-profile supporter, and his tweets linked to the cryptocurrency tend to result in a leap in its own value. Musk posted a tweet a week which referenced The Dogefather along with his forthcoming hosting gig on Saturday Night Live May 8.
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Additionally, trading platforms eToro and Gemini listed the memecoin, drastically expanding its reach. eToro alone has 20 million users, who can now easily buy DogeCoin through its platform. The spike in DogeCoin trading seems to have caused issues for the Robinhood investing app, which said it was experiencing issues with cryptocurrency trading, likely due to the demand.
If you’re familiar with cryptocurrency, you know Bitcoin and maybe Ethereum. Those are the two biggest cryptocurrencies, but underneath them is an entire market of smaller ones called “altcoins” — or, sometimes, “shitcoins.” These are like the penny stocks of the cryptocurrency world. Many aim or claim to have utility, or improve facets of the Ethereum blockchain, upon which most altcoins are built. Others are”memecoins,” that rise and fall in popularity simply because they’re sort of humorous.
Created in 2013, DogeCoin was the first these memecoin. There are many others, and they are preposterous. One simply called Meme launched in August at $1 and currently trades at over $2,000.