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DogeCoin has reached 25 cents: Why this excites the Internet

DogeCoin, originally designed for a parody of cryptocurrencies, reached a milestone this Thursday, when the price jumped to over 25 cents, for the first time the cryptocurrency exceeded a value of 25 cents. The market capitalization of DogeCoin – which started as a joke and is literally classified as “memecoin“- is currently just over $ 33 billion.

This is the culmination of a semi-ironic movement involving thousands of shoppers, tens of thousands of online posters and the world̵

7;s richest man, Elon Musk. Just like Wall Street Reddit betting the community rallied around pumping GameStop stocks to $ 1,000 a share (Reached $ 483, a little of the target, but a dramatic jump from the 52-week low of $ 3.77), cryptocurrency communities have become attached to the idea of ​​”sending” DogeCoin up to 10 cents. Now he has jumped past that goal and then some.

In early January, each token cost less than a cent. At the end of January, when GameStop and DogeCoin moved to their feet, the value of DogeCoin shot up to 7.5 cents, more than 10 times before falling to 2.5 cents. The coin has spent the last few months in the range of three to seven cents. On Sunday, its price began to rise by about six cents before breaking the 10-cent stage.

The rise from 10 cents to over 25 cents may be the result of Doge’s top supporter, Elon Musk, who has published additional support for the cryptocurrency. In the last 24 hours, he posted the following tweet:

If you are familiar with cryptocurrency at all, you know bitcoin and maybe Ethereum. These are the two largest cryptocurrencies, but below them is a whole market of smaller ones called “altcoins” – or sometimes “shitcoins”. These are like pennies in the world of cryptocurrencies. Many seek or claim to be useful, or improve aspects of the Ethereum blockchain on which most altcoins are built. Others are “memecoins” that are rising and falling in popularity simply because they are somehow funny.

Founded in 2013, DogeCoin is the first such memecoin. There are many others and they are ridiculous. A simply named Meme launched last August at a price of $ 1 and is now trading at over $ 2000.

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