Cryptocurrency has taken an interesting form of digital money over last decade. Bitcoins , Ethereum and couple others. Current Attraction in Cryptocurrency is the Dogecoin – because of unimagenable soaring prices.
Dogecoin was created as a joke on the basis of an internet meme in 2013 and remained anonymous for most of its lifetime, while other cryptocurrencies like Bitcoin, Ether, and XRP gained mainstream popularity and institutional recognition throughout the world. The cryptocurrency has skyrocketed by over 10,000% year to date, credit goes to the fierce and consistent promotion of business celebrities like Elon Musk and Mark Cuban.
Dogecoin is a digital currency that can be traded in place of real physical form of currency for making investments, purchases or as a financial vehicle.
How come sudden rise in popularity and price ?
Well as Elon Musk asked Twitter followers if his company should accept dogecoin as payment for its vehicles, a move that could legitimise the highly volatile asset and restore some of the value it had lost.
Unlike Bitcoin, there is no cap to the supply of Dogecoins. As a result, the coin can inflate infinitely, which means its price will inevitably crash — if not soon, then eventually. It also does not propose any utility or wide purpose not even in meme stocks language. Is it a temporary hype ?
Dogecoin, the cryptocurrency is based on a popular meme of a shiba inu dog, and is a deliberate misspelling of the word “dog.” Dogecoin is tongue-in-cheek, laden with cultural references, and somewhere between serious and not-so-serious.
Still the rally took dogecoin’s market cap over $68 billion, surpassing XRP as the fourth most valuable crypto. Let’s see if it turns out to be a long term digital currency or a loser in fintech markets.