Why Is Dogecoin Popular Among American Stocks?
Dogecoin is a meme coin that is just a meme stock like GameStock GME. After the pandemic, amateur investors uniquely like WallStreetBets forum users fall for GameStock that resulted in magnanimity. Before few weeks, GameStop exceeded over $ 350 and beyond the historical peak.
Elon Musk, the CEO of Telsa, took an exceptional effort by lifting the popularity of Dogecoin on is the internet. He determined Dogecoins as Cryptocurrency of people. His tweets attracted many online users to support DOGEUSD.
Dogecoin was representing the Shiba Inu dog that is with the surprising look. It started its journey as a joke coin with the price of $ 0.05895. Jackson Palmer, a project manager in Adobe, and Billy Markus, the IBM software developer created Dogecoin in December 2013. They generated a cryptocurrency coin that was never taken too seriously. Dogecoin was originally used as a tipping service on online platforms that is to recognize good content. Dogecoin is a script hashing algorithm that is known for its fund-raising activities.
Is Dogecoin considered as Next Bitcoin?
Dogecoin is peer-to-peer technology on a decentralized network that may resemble Bitcoin but entirely vary from the crypto world. Dogecoin mining has no limit that enables its deflationary attribute. They allow mining Litecoin simultaneously with DOGEUSD to merge.
More than Bitcoin, the transaction speed is faster in Dogecoin. They take a minute in its block time, where else Bitcoin takes ten minutes. Dogecoin is not another Bitcoin, as they are beyond Bitcoin with a market value of $700 billion.
Elon Musk Promotion
In 2017 the market value of Dogecoin reached the height of $0.018 and crossed only two billion cap market. But when Elon Musk, CEO of Telsa, initiated promoting Dogecoin on Twitter and Reddit, that raised 55% reach. Some of the other celebrate such as Snoop Dogg, and Gene Simmons also supported Dogecoins. It ranked Dogecoin in seventh place by pushed back all the others cryptocurrencies. It made the rise of Dogecoin’s market value increase by 9%.
Future of Dogecoin
Elon Musks’ words about Dogecoin are Doge is underestimated. Due to the attention of billionaires, the coin reached beyond 600% of its price in January. It may also increase further in the future. As the developers, Jackson Palmer and Billy Markus returned so you can expect an update in the software of the meme coin.
However, DOGEUSD has in recent years truly developed into a type of incarnation of cryptocurrency, inspired by online communities and supported by Internet personalities such as Elon Musk. Due to the increasing influence of this culture, Dogecoin value also increased primarily by a life of its own which its creators never intended. You can find more information from https://www.webull.com/newslist/ccc-dogeusd.