Popular meme cryptocurrency Dogecoin surpasses 10cents for the first time, jumps 80% in 24hrs

Dogecoin is one of the most popular cryptocurrencies in the world. On April 14, the price of Dogecoin hit a new record high of $0.13

Bitcoin, the world’s first and the biggest cryptocurrency, touched a new record high of $63,000 on Tuesday. This comes at a time when the investors awaited the highly anticipated stock market debut of cryptocurrency exchange Coinbase.

The price of bitcoin climbed as high as $63,729.5 on Tuesday, according to data from Coin Metrics. It last traded just under $63,000. Ether, the second-most valuable digital coin after bitcoin, also set a fresh record, climbing to $2,317, according to a CNBC report.

Dogecoin is a form of cryptocurrency that was created as a joke in 2013 by software engineers Billy Markus and Jackson Palmer. The digital currency was inspired by a viral dog meme, and like Bitcoin, it offers recourse to the inadequacies of traditional banking systems. It was never meant to succeed and was used and traded for a long time as a joke.

However, earlier this year, the cryptocurrency found favour with tech giants, social media influencers, and bigwigs across industries. Mr Musk has been one of the most ardent supporters of Dogecoin. On February 4, 2021, he wrote, “Dogecoin is the people’s crypto.” The simple tweet in favour of the digital currency sent its value up by 75%

This dogecoin price pump was started on websites like Reddit and Twitter where people unironically started to trend the term ‘To the Moon’, a term popularly used to describe cryptocurrencies when they hit really high prices. Elon Musk, a big supporter of Bitcoin and Cryptocurrency in general also hopped onto the train with a cryptic tweet that said, ‘Going to the Moon very soon’.

With Mr Musk’s tweets having a considerable impact on the fate of Bitcoin and Dogecoin, it’s all eyes on what will happen next in the world of digital currency

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