Ebene News – US – DogeCoin exceeds 50 cents: why it turns the internet on

DogeCoin, originally designed to parody cryptocurrencies, jumped Tuesday morning to a high of 51 cents, a record for the cryptocurrency that was worth 5 cents in March DogeCoin’s market cap – which started out as a joke and is literally classified as “a memecoin” – is currently just over $ 67 billion

It’s the culmination of a semi-ironic movement that has involved thousands of buyers, tens of thousands of posters online, and the richest man in the world, Elon Musk Just like the community Reddit, Wall Street Bets rallied to try and pump GameStop’s stock up to $ 1,000 per share (it hit $ 483, below target, but a dramatic spike from the 52-week low of $ 3 77), cryptocurrency communities got hooked on the idea of ​​”sending” DogeCoin to 10 cents Now it has exceeded that target and then some

In early January, each token was worth less than 1 cent At the end of January, when the GameStop and DogeCoin movements hit their stride, the value of DogeCoin climbed to 75 cents before slipping to 25 cents The coin has spent the last few months in the range of 3 to 7 cents In April it exceeded 40 cents and Tuesday it exceeded 50 cents

The rise from 10 cents to over 25 cents could be the result of Doge’s biggest supporter, Elon Musk, who tweeted his support for the cryptocurrency in April:

Another possible reason for the outbreak was a crash of the popular Robinhood placement app Users found that their orders involving DogeCoin were listed as “on hold” for an extended period of time, leading some to believe it was a repeat of Robinhood’s controversial decision to stop selling coins. GameStop shares as their value skyrocketed The company tweeted on Thursday that an issue with orders has since been resolved

We know that some customers may have seen executed encryption orders showing as “pending” for an extended period of time We were experiencing a delay in updating the order status This issue is now resolved Check your app for up-to-date information on recent orders

If you’re familiar with cryptocurrency, you know Bitcoin and maybe Ethereum These are the two biggest cryptocurrencies, but underneath is a whole market of smaller ones called “altcoins” – or, sometimes , “shitcoins” “These are like the penny stocks of the cryptocurrency world Many aim or claim to have a use for or improve facets of the Ethereum blockchain, on which most altcoins are built Others are” coins coin ”, which is increasing and decreasing in popularity simply because they are quite fun

Created in 2013, DogeCoin was the first memecoin of its kind There are many more, and they are absurd One simply called Meme was launched last August at $ 1 and is now trading over $ 2000

Dogecoin, Cryptocurrency, Bitcoin, Elon Musk

Ebene News – United States – DogeCoin exceeds 50 cents: Why it turns the internet on

Source: https://www.cnet.com/news/dogecoin-tops-50-cents-why-that-excites-the-internet/