Dogecoin is a form of cryptocurrency born out of an internet meme that the creators found comical. As of today, it has progressed into something more than just a hilarious joke; it is now an invaluable asset in itself. The coin that makes use of the viral Shiba Inu dog meme is worth more than $ 14 billion. This year has been phenomenal for the currency as it started from a trading price below a penny and has crossed leaps and bounds to hit a price of 14 cents by April, with approximately 11.7 billion units in circulation.
Earlier this week, Doge coin’s performance could be termed mediocre at most. From then till now, the currency has leaped forward, broke previous records, and set an all-time high in the market. According to CoinDesk, it has increased by over 400% from last week. This unanticipated surge arrived just a day post-Coinbase made its stock market debut, which insinuated that Wall Street had finally accepted the idea of cryptocurrency. However, Dogecoin is not a part of Coinbase.
Yesterday, Dogecoin was trending on Twitter and several users even informed the Post about how they couldn’t buy the crypto through Robin Hood as the app kept crashing due to the increased load of people who were wanting to purchase it. Throughout the day and more than half of the night, Twitter was inundated with tweets ranging from comedy to tragedy and climax to anticlimax.
The founder of Tesla, Elon Musk took to Twitter and tweeted “Doge barking at the moon”, who had previously been quoted stating that Dogecoin was his beloved Bitcoin archenemy. Another user who had a flair for theatrics posted a tweet that read: “Me on Robinhood checking if #dogecoin has reached the moon every 2 seconds.” These tweets were a significant part of several other statements sent as tweets by users, who have started to contemplate the profitability of meme-making.
There is no doubt that the profitability of Dogecoin has increased twofold. Billy Markus, an IBM engineer and a creator of the aforementioned asset himself has stated that although the idea of buying Dogecoin has become common, it is by far one of the best things you can buy, as “reflected in the market.” Markus’s views hold for the most part as Dogecoin has grown beyond belief. What began as a symbol of mockery has now become one of the most valuable assets in the world and that in itself is an achievement for not just Markus and his co-creator, but also the cryptocurrency field.