Do you know why DogeCoin is surging in price?
DogeCoin reached 69 cents on Wednesday, well above the 10 cents traders anticipated in January.
In spite of DogeCoin's track record as a joke crypto coin, this week's price boost is no laughing matter. The altcoin struck a record high of 69 cents on Wednesday early morning.
Despite the abrupt rise in price, it's still another landmark in DogeCoin's magnificent year 2021. In January, when the coin was worth around a cent, Doge enthusiasts eagerly anticipated the coin reaching 10 cents in worth.
Over the weekend, the price of DogeCoin started increasing. Tesla CEO Elon Musk is one of DogeCoin's most prominent supporters, and his tweets promoting the cryptocurrency tend to trigger an increase in its value. Musk just recently discussed his appearance on May 8 on Saturday Night Live.
The memecoin was also listed on eToro and Gemini, resulting in a dramatic growth of its reach. ETORO alone has 20 million users, all of whom can now quickly purchase DogeCoin from its service.
Robinhood said cryptocurrency trading was troublesome for the app due to a spike in DogeCoin activity.
The two biggest cryptocurrencies are Bitcoin and Ethereum, but under their hood is an entire host of smaller sized ones, often called "shitcoins.".
Referred to as altcoins, this class of cryptocurrencies are similar to cent stocks. Many aspire to be more than just a trading property, or claim to attend to aspects of the Ethereum blockchain - which most altcoins operate on.
Another type is "memecoins," which tend to fluctuate in popularity merely because they're funny.
It was DogeCoin that very first started the memecoin trend, but today there are numerous imposters. Meme, for instance, launched at $1 in August and currently trades at over $2,000.
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