Dogecoin started out as a joke years ago with the face of the Shiba Inu dog from the “Doge” meme as its logo and namesake. However, following tweets from Tesla CEO Elon Musk and the iconic Snoop Dogg, the cryptocurrency has risen to an all-time high.
“Who let the Doge out,” tweeted Musk. This isn’t the first time that the eccentric CEO and billionaire has tweeted about Dogecoin which is one amongst the many popular cryptocurrencies – the most popular one being Bitcoin.
According to NDTV, over 128 billion Dogecoin units are already in circulation but this could just be the beginning. After all, Musk and Reddit have shown interest in the cryptocurrency and we all know their power to move the stock market.
Dogecoin was developed by IBM software engineer Billy Markus and Adobe engineer Jackson Palmer as an alternative to Bitcoin, Ethereum, or Litecoin. It featured the Japanese dog breed Shiba Inu which was already popular on the internet as the Doge meme. This branding did cause it to be a bit of a joke but also made it stand out amongst other cryptocurrencies.
According to NDTV, Dogecoin is currently selling at Rs. 5.21 ($0.071) at a spectacular 17 per cent growth in 24 hours. However, it is nowhere close to Bitcoin which is at Rs. 28,62,952.38 ($39,277.90) and Ethereum at Rs. 1,19,986.67 ($1,646.19).
Dogecoin, like any other cryptocurrency, can be bought on a cryptocurrency wallet or an online platform. However, since cryptocurrency is a risky asset, it is advised to read up about it before making any purchase.
(Header credits: Wikimedia Commons)