Doge Coin Price All time High

Based on the “Doge” meme and started as a “fun” alternative to Bitcoin, Dogecoin’s value has risen phenomenally this week– adding around $19.9 billion in the last 24 hours, and now valued at $34 billion.

Why Doge Coin goes all time high?

Just as the virtual currencies Bitcoin and Ethereum have surged in value this week, so has Dogecoin– a cryptocurrency started in 2013 as an internet parody.

Based on the “Doge” meme and started as a “fun” alternative to Bitcoin, Dogecoin’s value has risen phenomenally this week– adding around $19.9 billion in the last 24 hours, and now valued at $34 billion, according to CoinGecko, a market data site.

On Friday in the US, the digital token was valued at 28 cents, more than double its value a day before. A top-10 crypto token, it has seen a seven-day rise of 300%.
What is Dogecoin?
According to CNBC, the digital token was created in 2013 by software engineers Billy Markus and Jackson Palmer as a faster but “fun” alternative to Bitcoin. It was started as a satire on the numerous fraud crypto coins that had sprung up at the time, and takes its name and logo from a Shiba Inu meme that was viral several years ago.
Unlike Bitcoins, whose maximum possible number is fixed at 21 million (a figure that is estimated to be reached by 2040), Dogecoin numbers do not have an upper limit, and there are already more than 100 billion in existence.

When the crypto coin first took off, the online community that was backing it invited attention by supporting unconventional causes, such as sponsoring Jamaica’s bobsled team at the 2014 Winter Olympics. Also that year, the Dogecoin community gave $55,000 worth of the digital token to a Nascar driver in the US.

So, what is behind Dogecoin’s rise?

The main reason believed to be behind Dogecoin’s meteoric surge is the same that has propelled the value of Bitcoin and Etherem– this week’s listing of Coinbase, the most popular virtual currency exchange in the US.

Coinbase’s market cap briefly hit $100 billion after it went public on Wednesday, and the values of Bitcoin and Etherem touched $64,000 and $2,500, respectively, during the week. Dogecoin is said to be a part of this frenzy.

article Reference: indianexpress.com