Dogecoin is the new buzz in the market. After the recent tweets by Tesla CEO Elon Musk, the cryptocurrency had its value exponentially increased. Well, Dogecoin started as a joke and is based on a Japanese cartoon theme of dog, which is widely seen in memes over the internet and named Shuba Inu.
Dogecoin came into existence in the month of December in 2013. Though it has not been popular in the same amount as Bitcoin or Ethereum, it got in the buzz a few weeks ago. It was developed to set peer to peer transactions and as a decentralized cryptocurrency. It was developed for the same purpose by Jackson Palmer and Billy Markus who worked for Adobe and IBM respectively. One interesting fact to know about Dogecoin is that it is one of the few cryptocurrencies that gained a 300 percent surge in its price in its first 72 hours. It is different from Bitcoin as bitcoin used SHA-256 encryption while this one uses Password-based script technology.
It came in the news after the tweets by Tesla CEO Elon Musk. His initial tweet told people that Dogecoin is the people’s crypto. This single tweet led to 50 percent growth for the currency which eventually was the headline in the news. Experts such as CoinMarketCap suggest that Elon Musk pushed the market value of Dogecoin to 10 billion dollars which is equal to a whopping 72,901 crores.
Dogecoin is currently priced at 5.382 rupees (0.082 dollars). Along with Elon Musk, the famous Kiss Band frontman and popularly known as his stage persona “The Demon”, Gene Simmons also had a hand in the surge of price of Dogecoin. Self-proclaimed as “God of Dogecoin”.
Gene said on Twitter that he has bought even more dogecoin and will eventually do. He even said that the reason behind this was none other than his own thoughts. This is what he is. He even posted images of himself and his other partner who had a huge hand in raising the price of Dogecoin, Tesla CEO Elon Musk. Simmons posted about bitcoin in September last year and said that he also owns Ethereum. Tweeting about the same, he also said that he is not recommending anyone to buy it but just informs that he has participated in it.
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