Ebene News – US – Dogecoin is on fire – now worth more than Ford and Twitter

Dogecoin is now valued at $ 49 8 billion with each individual coin worth around $ 0 56 at the time of writing This is the highest coin value, which started out as a joke by the software engineers Billy Markus and Jackson Palmer to highlight the ridiculous number of so-called “alt-coins” popping up around the world

However, Yahoo Finance reports that the coin is now worth more than Ford ($ 45 2 billion) and Twitter ($ 44 1 billion) It’s still a baby, when it comes to the big names in cryptocurrency with Ethereum being worth $ 381 billion and Bitcoin at $ 1 1 trillion The value of Dogecoin is now the highest it has ever been

Dogecoin’s new boost will likely come, at least in part, from Elon Musk Tesla CEO has long had a soft spot for the currency and during his time, the Gamestop stock a few months ago, was also very excited about Dogecoin Musk is due to appear on Saturday Night Live as a guest host on May 8 and asked Twitter for sketch ideas He tweeted “The Dogefather SNL May 8” on April 28

The Meme Lord strikes again! The world will watch, the internet will break it’s an offer you can’t refuse The #DogeFather – May 8 on SNL! 🚀 photoTwittercom / 1WD6u6IRuJ April 28, 2021

The other push for Dogecoin and Gamestop came from users of Reddit’s WallStreetBets The coin caught their attention as they attempted to send Gamestop “to the moon” in the language of the group. He was calmer about Dogecoin recently, preferring to help Nokia and Rocket Companies store instead

While Dogecoin might seem like an attractive option (this article is not financial advice and should not be used for investment purposes), there are some things to be wary of First, a bubble like this could easily collapse, leaving you with only a fraction of the amount of money you invested Currently there are a very small number of wallets that contain a very large percentage of the total Dogecoin in the market

This suggests that at least one, or maybe several people are sitting on very large collections of coins that they can dump when prices hit a certain threshold. It would drive down the coin’s value considerably if they sell large volumes If this happens, the current value of $ 0 56 could drop significantly, possibly even back to the pennies that the coin has been worth for most of its existence

It should also be noted that Dogecoin is inflationary and was started as a joke Unlike Bitcoin, there is no limit that 10,000 Dogecoins are produced per minute which makes it difficult to keep the value

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Dogecoin, cryptocurrency

Ebene News – United States – Dogecoin is on fire – now worth more than Ford and Twitter

Source: https://www.tomsguide.com/news/dogecoin-is-on-fire-its-now-worth-more-than-ford-and-twitter