Cryptocurrency like bitcoins, dogecoins, and others have surged in value over the past few years. Particularly, Dogecoin’s value has soared over the past 24 hours. Reports note the value of the dogecoin has surged five times in the past few hours, while its value was less than a penny until Wednesday (January 27).
What Is Dogecoin?
But before diving into the details, let’s first understand what is dogecoin. Software engineers Billy Markus and Jackson Palmer invented Dogecoin, which is another cryptocurrency. They wanted to create an instant payments system that was free of the traditional banking fees and was fun to use. Back then, the Shiba Inu dog was a popular meme, and so they decided to use it for their logo.
And thus, Dogecoin was created. However, it should be noted that Dogecoin has been a joke from the start, mainly because it was based on a meme and simply ridiculous. But this was what made it attractive and people began to write about it. This, in turn, peaked the price of Dogecoin.
The peak price of Dogecoin in 2018 was around two-cents, right before it crashed along with the rest of cryptocurrency. Reports suggest that by early 2019, Dogecoin had lost nearly 90 percent of its value and was trading for a fraction of a penny, until now!
Why Is Dogecoin So Popular Now?
The surge in Dogecoin’s value is linked with the WallStreetBets phenomenon, which is like a sub-Reddit platform. WallStreetBets is considered to be the epic center of several online movements, including the latest one to pump the value of GameStop. To note, GameStop’s value has fivefold since the start of the week.
Coming back to Dogecoin, a tweet from WSB Chairman asking if the Doge has ever been to a dollar triggered the surge. In the cryptocurrency world, the WallStreetBets community seems to be the right inspiration for Dogecoin.
Dogecoin Value Soars: What Does It Mean?
Dogecoin seems to be the first cryptocurrency to witness the impact of the WallStreetBets craze. It’s important to note that Dogecoin is among the first to sprout in value by the sheer force of social media, making it a valuable asset – at least for the time being.
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