Dogecoin: Journey From Internet Joke to Crypto Competitor
Dogecoin originated from an internet joke, but the digital currency has taken the crypto market by storm. Following trading activity within Robinhood’s platform, Dogecoin grew from a digital joke to a digital giant. The digital token’s original creator has expressed surprise regarding Dogecoin’s popularity surge. As mid-February begins, Dogecoin has reached a market capitalization of more than nine billion dollars. Before Reddit users rallied Gamestop stock prices, Dogecoin traded for just pennies on the dollar. However, the token’s value skyrocketed over one thousand percent.
Dogecoin Creator Wishes to Clear Up Involvement Misconceptions
Billy Markus created Dogecoin, but Markus cashed in his tokens in 2015. Billy Markus wishes to clear up common misconceptions regarding his involvement in Dogecoin’s recent success. Billy Markus doesn’t control Dogecoin’s value and cannot place supply limitations on the digital currency. While Markus has expressed the desire to help other people, he would like to remind the public that he is no longer involved in Dogecoin or other related projects.
Dogecoin’s popularity took off after Elon Musk released tweets expressing his support for the digital token. Reddit users’ activities combined with Elon Musk’s support pushed Dogecoin’s value to significant highs. Elon Musk also recently invested in Dogecoin on behalf of his nine-month-old son, which only added fuel to the fire, spreading the token’s popularity beyond limitations. Dogecoin set fire to the market on February 4th but has grown in value by at least sixty percent. Elon Musk wasn’t the only celebrity expressing support for Dogecoin, as Gene Simmons and Snoop Dogg acknowledged the token’s price hikes and potential.
Elon Musk Calls Dogecoin the Currency of Earth
Elon Musk recently tweeted that Dogecoin could become the currency of Earth. Following Musk’s tweets, Dogecoin claimed its spot amongst crypto giants like Bitcoin. Dogecoin ranks as the twelfth leading cryptocurrency in the world. Telsa invested approximately one and a half-billion dollars in Bitcoin, which triggered Bitcoin tokens trading at all-time highs. While Dogecoin still follows in the footsteps of Bitcoin and Ethereum, the digital currency shows viability for long-term growth.
As the second week of February draws to a close, Ethereum began breaking records of its own. Ethereum broke its previous market cap of $1,576.7. Previously, Ethereum had never exceeded $1,500. Dogecoin’s creator, Billy Markus, has expressed his amusement in response to Elon Musk’s attention to the digital currency. Billy Markus advises new crypto traders to avoid get-rich-quick schemes, as that’s not how the crypto market operates.
Exploring DogeCoin’s Future in the Crypto Market
Dogecoin’s future within crypto exchanges is unclear, but Elon Musk’s continued support could help Dogecoin overcome significant hurdles. Following Elon Musk’s tweets, Dogecoin traded at $0.0811 after previously peaking at $0.0742. Dogecoin’s value has risen, fallen, and spiked again since 2021 began, but the token’s success is minimal compared to Bitcoin’s record-breaking prices. Several traders predict Dogecoin’s popularity to be short-lived, but the token’s growing support could take Dogecoin on an alternative journey. The fear of missing out has driven Dogecoin’s market activity.
The crypto market is fickle, fluctuating randomly at times. Crypto traders are concerned about Elon Musk’s influence on crypto exchange rates. Unlike Bitcoin and other cryptocurrencies, Dogecoin doesn’t limit the number of tokens produced. The glaring oversight has caused conflict within the crypto trading market, with inexperienced traders experiencing the most substantial losses.