Why DogeCoin Is Trending - Cryptocurrency

Why DogeCoin Is Trending - Cryptocurrency

Dogecoin is an open-source peer-to-peer cryptocurrency, favored by shibas worldwide. DogeCoin, initially designed to parody cryptocurrencies, reached a milestone this Thursday when the price soared to over 25 cents, the first time the cryptocurrency exceeded 25 cents in value as a result of Elon Musk's tweet on Sunday.

The market cap of DogeCoin is currently just over $33 billion. In early January, each token was worth less than one cent. In late January, when both the GameStop and DogeCoin movements hit their stride, the value of DogeCoin shot up to 7.5 cents, well over a 10-magnification, before sliding down to 2.5 cents. The coin has spent the past few months in the three to the seven-cent range.

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On Sunday, its price began to rise, from around six cents, before it smashed the 10-cent milestone. The surge from 10 cents to over 25 cents could be the result of Doge's most high-profile supporter, Elon Musk, tweeting out further support for the cryptocurrency. In that last 24 hours he put out the following tweet:

Doge Barking at the Moon pic.twitter.com/QFB81D7zOL

— Elon Musk (@elonmusk) April 15, 2021