Meme Crypto Dogecoin Price Up 400% In 1 Week - Is It Time To Leave The Coin?

Last week, the Dogecoin price spiked 400%, shooting this cryptocurrency from $0.07 on Monday to a high of $0.43 on Friday. This coin, although initially created as a joke and a sort of anti-cryptocurrency, has a market value of over $40 billion. Although highly volatile, many investors, especially younger ones, enjoyed grabbing Dogecoin through the years. Many even invested in Dogecoin as a joke, rallying to send the Dogecoin price "to the moon." Could the cryptocurrency market be the next GME stock rally?

Source: CoinDesk

What is Dogecoin

In 2013, the first Dogecoins came to be. IBM software engineers Billy Markus and Jackson Palmer teamed up to create a payment system that was instant, fun, infinite, and without banking fees. The logo for the coin is a Shiba Inu dog based on the Doge meme from 2013.

Source: Wikipedia

This coin quickly fostered an online community and reached a market value of over $5 billion in January. Now, this has skyrocketed to a value of over $40 billion.

At the time, Palmer and Markus decided to create a peer-to-peer currency that was more accessible to a wider demographic than Bitcoin. They also wanted to escape the controversial underpinnings of other cryptocurrencies, especially because they had a history of being used on the dark web. Instead, Dogecoin is a lighthearted coin whose mascot is a Shiba Inu. Its interface is based on Luckycoin and Litecoin’s blockchain protocol. In comparison to Bitcoin, this coin has no market cap, hence why it is considered a joke.

The crypto launched in December of 2013, but that month it also saw a major hack as millions of Dogecoins were stolen. A hacker acquired access to the platform’s filesystem and set up the send/receive page to transfer to a static address. This incident further increased visibility for this coin as people tweeted about it. This prompted the community to create “SaveDogemas” to help those who lost their coins. A month later, people donated enough money to return stolen coins to the victims. 

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Disclaimer: This article is not meant to serve as professional economic advice. Any action you take upon the information from this article and website is strictly at your own risk.

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Harry Sinclair 3 weeks ago Member's comment

Don't think it is yet. Still room to go.