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Musk, whose playful dogecoin-related tweets have boosted the “joke” bitcoin competitor by 6,000 percent in the last six months, has boosted dogecoin higher this morning by tweeting a GIF of a grinning Shiba Inu—the dog on which dogecoin is centered.
Thanks to its 120 percent surge this week, Dogecoin has climbed into the top ten cryptocurrencies as calculated by CoinMarketCap, giving the estimated 130 billion dogecoin tokens in circulation a total value of about $12 billion.
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In a Tuesday email message, Mati Greenspan, the founder of market research firm Quantum Economics, wrote, “The greatest gainer today goes to dogecoin, which has leaped approximately 30% since the morning, briefly topping 9.5 cents a coin.” “It seems that memes have complete leverage over this business.”
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Musk has already put this into practice with Bitcoin. The difference here is that Dogecoin is not a true currency. It’s a chiste. Nonetheless, their worth is rising in lockstep with the inflation rate. Dogecoin works as a paroxysm of a method, that of comedy investment, as a rudimentary farsa, which was first tested on the market in January with GameStop.
Until now, where have you been? Dogecoin is best defined by the word “burbuja.” As with other cryptodivisas, it is prone to massive ascents and descents in value. What this means is that there are risks involved. Today’s question is whether Dogecoin is a bubble, or whether the whole cryptocurrency market is, and it’s a question that Bitcoin, after so many ups and downs, seems to have answered successfully (y que comienza a inquietar a otras criptomonedas, como Ethereum). In the case of Dogecoin, its rapid growth has resulted in a minor existential crisis. This Intelligencer article explains how to do it:
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Dogecoin’s value has risen dramatically this week, adding about $19.9 billion in the last 24 hours to reach $34 billion. Dogecoin is based on the “Doge” meme and began as a “fun” alternative to Bitcoin.
Dogecoin’s value has risen dramatically this week, adding about $19.9 billion in the last 24 hours and now estimated at $34 billion, according to CoinGecko, a market data platform. Dogecoin is based on the “Doge” meme and began as a “fun” alternative to Bitcoin.
According to CNBC, software engineers Billy Markus and Jackson Palmer invented the digital token in 2013 as a quicker but “fun” alternative to Bitcoin. It began as a satire on the plethora of fraudulent crypto coins that had sprung up at the time, and it gets its name and logo from a Shiba Inu meme that went viral several years ago.
Unlike Bitcoins, which have a cumulative limit of 21 million (which is expected to be surpassed by 2040), Dogecoins have no such limit, and there are currently more than 100 billion in circulation.