The total value of Dogecoin surpasses $52 billion and it became the fifth most valuable cryptocurrency.
The cryptocurrency Dogecoin, created as a joke by software engineers Billy Markus and Jackson Palmer in 2013, was trading at $0.045 in the last days of 2020. Entering the year 2021 fast, Dogecoin has increased approximately 92 times since the beginning of the year, reaching $0.41. Increasing 500 per cent in the last week alone, DOGE surpassed $52 billion in market value, becoming the fifth most valuable cryptocurrency.
In late 2013, software engineers Billy Markus and Jackson Palmer uncovered a cryptocurrency called Dogecoin, which they developed as an internet joke called meme.
The crypto currency with the ‘Shiba Inu’ dog, a breed unique to Japan, started operating as a parody and was traded in the cryptocurrency markets at $0.004 until December 2020.
Supported by Elon Musk, who later declared himself as “the emperor of Mars” and increasing its popularity day by day, Dogecoin started to be traded at $0.04, increasing approximately 900 per cent in 1 month.
Reddit Helps Dogecoin in January
In January, the famous forum Reddit touched Dogecoin, which quickly entered the year 2021 and more people began to hear its name, and WallStreetBets, which is called the stock market and money section of the forum, was subjected to “intense demand” from users.
While forum members stormed Dogecoin in the last two days of January, the cryptocurrency increased by 800 percent in two days, trading at 0.08, and its market value reached $6 billion.
The most important support for the crypto coin, which has become one of the 10 most valuable cryptocurrencies as of January, came from Tesla and SpaceX CEO Elon Musk.
Elon Musk Support Continued
Musk shared a “Dogue” magazine cover with a reference to the famous fashion magazine Vogue on January 29, and tweeted “Dogecoin, the crypto of the people” on February 4. Following this tweet, sharing a photo of the famous cult cartoon Lion King, where he raised his ‘Shiba Inu’ dog representing Dogecoin, the post attracted great attention by sharing more than 180 thousand.
The crypto coin, which has been following a relatively horizontal course since then, increased its market value by increasing its transaction volume day by day. On April 10, Elon Musk’s Dogecoin share came again. Musk tweeted “Going to the Moon very soon”, hinting that the crypto coin prices will rise too soon.
3 Times Increased in 5 Days
The coin, which started to be known by more people with the influence of Musk, who shared about Dogecoin when he had almost every opportunity, started to be traded at $0.3, increasing 130 percent on April 16.
Today, the price of Dogecoin has risen to over $0.41, according to digital currency exchange Coinbase. The currency, which was traded at $0.13 last Wednesday, increased more than 3 times in 5 days, making a huge increase.
While Dogecoin broke a record by increasing about 500 per cent in a week, it has reached a record that is difficult to break by increasing 92 times since the beginning of the year, while the market value of the coin is currently at around $52 billion, according to the cryptocurrency data site CoinGecko.Share this article