Dogecoin has achieved a monumental moment as in the last 24 hours the meme coin surged 85% reaching a high of $0.14 with a current market cap of $14 billion at the time of this writing. This surge comes as Coinbase officially made its debut on the NASDAQ, further validating cryptocurrency buying and selling as a business.
Coinbase’s new listing is redrawing attention to cryptocurrencies despite some, like Dogecoin for example, not being offered on the exchange site. Joel Kruger, a strategist at the cryptocurrency exchange site LMAX Digital, commented on this newly formed rally saying “We have a combination of global macro forces that are driving risk higher. We also have a lot of swirl around the Coinbase news and that is giving the crypto market some added boost and added exposure.”
— Dogecoin Rise 🌎🚀🌕 (@DogecoinRise) April 14, 2021
Chris Bendiksen who is the head of research at digital asset management firm CoinShares suggests that institutional investors have been waiting for CoinBase to go public before buying more cryptocurrencies.
Number #1 Fan
Unsurprisingly, Elon Musk expressed his joy upon hearing the news of Dogecoin reaching new heights by tweeting a GIF of a Shiba Inu seemingly smiling (which has since been deleted. Musk is one of Dogecoin’s biggest supporters having made multiple tweets giving his support, even at one point offering some of his money to have the crypto become the ‘currency of the internet.’
… going to moon very soon
— Elon Musk (@elonmusk) April 10, 2021
Thanks to Musk’s meme tweets, Dogecoin has soared 6,000% over the last six months; up 120% this week along.
Admittedly, I’ve been perplexed as to why Dogecoin, out of all the cryptocurrencies out there, has been given so much attention, and I’m not the only one as Adrian Lee, a senior finance lecturer at the University of Technology in Sydney, Australia, is confused as well. Lee says “Dogecoin is an easily replicable coin. I don’t know how it distinguishes itself from Bitcoin. I really think it has to do with being established early.”
Lee concludes his opinion on Dogecoin by saying “And also the dog” which is as much of a valid reason as any other to buy the crypto as a lot of these assets seem to have its value arbitrarily added, so why won’t the one with a dog?
For those unfamiliar or forgetful, Dogecoin was created by two software engineers, Billy Markus and Jackson Palmer, as a gag in 2013 on the rise of cryptocurrencies. Although nowadays, the two creators have very little, if anything, to do with Dogecoin as it currently stands.
Billy Markus revealed in the Dogecoin subreddit that he sold all of his coins in 2015 and Jackson Palmer left the team because of the “toxic community” that had built up around the crypto and the money that brought in a ton of developers and speculators.
Jackson and Palmer have said that they don’t regret their decision and continue to watch in astonishment as their joke cryptocurrency takes off for the moon.
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