The Crazy Rise of the Dogecoin | Brief Coin - Economist

There has been an increase in a talk during the current period about the Dogecoin currency and its continued insanity since the beginning of this year, so we find that the increase during the last year reached 267 times or 26,700%, due to the speculators ’goal of reaching $ 1 in the currency.

In this article, we will talk about currency briefly and specifically

The story of the foundation.

The influence of billionaire Elon Musk

What is the cause of the current rises?

At the outset, we would like to clarify that this is only a sharing of the currency story and not an investment recommendation, and I do not encourage others to enter it.

The reason is that investing in the currency is considered high-risk and more like gambling in my personal opinion.

The coin was started in December 2013 as a joke, or what is called a meme coin, by software engineers Billy Markus & Jackson Palmer.

The logo image for the coin is from Meme of a celebrity named Doge with a Shiba Inu dog, which is popular in Japan, and the official coin site dogechain.info was launched.

The currency was launched in 2013 on December 19, and on the first trading day, the currency started at $ 0.00026 and jumped by 300% on the first day to reach $ 0.00095.

On December 22, it marked the first currency crash, and in one day it fell by 80%.

On December 25, the first currency hack and theft took place in the Doge Wallet app, and millions of coins were stolen.

During the "2017-2018" digital currency bubble, on January 7, 2018, the currency reached a record $ 0.017 and its market value reached $ 2 billion.

And in July 2020, the currency craze started with TikTok user pranks and propaganda

January 2021: 800% in one day rise to $ 0.07 due to Reddit users during the GameStop frenzy.

The story began in February 2021, with the Dogecoin currency achieving a new record of $ 0.08, after encouragement on Twitter from several personalities, the most important of which was:

Tesla CEO Elon Musk

Snoop Dogg

Gene Simmons

Billionaire Mark Cuban

In March 2021, the well-known billionaire owner of the Dallas Mavericks basketball team, Mark Cuban, announced that it would allow the use of Dogecoin to buy tickets and products for his team, two days later, 20,000 purchases were made in the currency.

And in April 2021, there was a rise in cryptocurrencies, especially Dogecoin, after Coinbase announced that it had added it.

On April 14, 2021, the currency rose to $ 0.10

On April 16, 2021, the currency rose 400% within a week to reach $ 0.45, with transactions reaching $ 70 billion within 24 hours, at which time the market value of the currency reached $ 50 billion, becoming the fifth-largest currency in the cryptocurrency market.

Today, when writing the article, the value of Dogecoin reached $ 0.67, with a market value of $ 87 billion, and became the fourth largest digital currency in the world.

The reason for the current rally is the attempt to raise the coin to $ 1, as well as enthusiasm before Elon Musk appeared on Saturday Night Live, the well-known program, Musk will present SNL in a special episode, and many are expected to talk about the currency.

In conclusion, the currency community is very large, although the goal was joking, the imaginary profits from the currency encouraged a lot to enter the expected, and we will see its price close to the dollar in the near future, but in the opinion of the currency is not sustainable and the current situation is enthusiasm and purely speculative. I do not recommend investing or entering into it at all.