In less than two days, Dogecoin is once again grabbing the headlines, thanks to the world’s richest man. Just two days ago Doge had hit new record values.
For a crypto that actually started as a joke in December 2013, Dogecoin has come a long long way. This the third time this week, Elon Musk has given the Shiba Inu-themed cryptocurrency push towards a record high level.
Dogecoin is an open-source digital currency that is amongst a list of alternatives to Bitcoin. By tweeting that he has bought some Dogecoin for his youngest son, he has once again promoted the altcoin.
Before this, he had tweeted, ‘Who let the Doge out’. Over 128 billion Dogecoin units are already in circulation. But this could just be a beginning as investors have started showing their interest in the currency following the stimulation made by Musk.
Introduced in 2013, Dogecoin gets its name from the famous internet meme that involves the Japanese dog breed Shiba Inu. When compared to Bitcoin, Ethereum, or Litecoin, Dogecoin is one of the lesser-known cryptos. It was developed by IBM software engineer Billy Markus and Adobe engineer Jackson Palmer as a new decentralised cryptocurrency for peer-to-peer transactions. Instead of choosing a fancy currency symbol, Markus and Palmer decided to go with Japanese dog breed Shiba Inu as the branding for Dogecoin. The odd branding, however, provided some distinction over other cryptocurrencies. In just 72 hours of its launch – it recorded a 300% jump.
Musk has been an open admirer of Bitcoin but hasn’t shied away from talking about Dogecoin either on his Twitter, which has led to a rapid rise in crypto’s fame and also a plethora of memes, some of which Musk appreciates too.
According to CoinMarketCap Data, Dogecoin is currently selling at Rs. 5.21, which shows nearly 17 percent growth from its value on Monday. However, it is significantly lower than Bitcoin and Ethereum – the two leading cryptocurrencies – that are available at Rs. 28,62,952.38 ($39,277.90) and Rs. 1,19,986.67 ($1,646.19), respectively.
Though Musk has time and again appreciated Dogecoin, he has also made it clear that it’s the Bitcoin that he prefers but now with Tesla accepting payments in cryptos this could be a way to promote the idea of crypto in general.