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| Dogecoin |
Dogecoin is a cryptocurrency created by software engineers Billy Markus and Jackson Palmer, who decided to create a payment system as a “joke”, Dogecoin is a fun, rapidly growing form of digital currency of wild speculation in cryptocurrencies at the time. Despite its satirical nature, some consider it a legitimate investment prospect.
Dogecoin features the face of the Shiba Inu dog from the “Doge” meme as its logo and namesake.
It was introduced on December 6, 2013, and quickly developed a massive social media adoptions on Reddit, Twitter and facebook communities.
Dogecoin reached a market capitalisation of over $85 billion on May 5, 2021, you can use it to buy goods and services,
It is the current shirt sponsor of Premier League club Watford.
Dogecoin.com promotes the currency as the “fun and friendly Internet currency”, referencing its origins as a “joke.
Elon Musk frequently uses his Twitter platform to express his views on Dogecoin, which has led some to claim that his actions amount to market manipulation because the price of Dogecoin frequently experiences price movements shortly after Dogecoin-related tweets released by Elon Musk.
Nevertheless, because cryptocurrencies are not regulated like stocks, these actions are not illegal.
Musk’s first Dogecoin related tweet occurred on December 20, 2020. Musk tweeted ‘One Word: Doge’. Shortly after, the value of Dogecoin rose by 20%.
This was followed by a series of Dogecoin related tweets by Musk in early February 2021 captioned ‘Dogecoin is the people’s crypto’ and ‘no highs, no lows, only Doge’. Following these tweets, the value of Dogecoin rose by roughly 40%.
The price of Dogecoin rose by more than 100% on April 15, 2021, after Musk tweeted an image of Joan Miró’s ‘Dog Barking at the Moon’ painting captioned ‘Doge Barking at the Moon’.
The price of Dogecoin rose by 11% on May 20, 2021, shortly after Musk tweeted a Doge-related meme.
In May 2021, the price of Dogecoin was up 10% in the hours after Musk tweeted a Reddit link for users to submit proposals to improve the cryptocurrency.
Sources: Wikipedia and Coinspot
Australians can buy Cryptocurrency safely at Coinspot
People in other parts of the World use Binance
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