All through December and January, we noticed Bitcoin rise to new heights, touching a valuation of over $35,000.
However for the reason that previous week or so Bitcoin has been shedding steam, and now it’s at round $31,000, which isn’t unhealthy by any means, however it isn’t displaying indicators of an exponential rise prefer it did a couple of weeks again.
This would possibly make many Bitcoin house owners a bit disillusioned. Nevertheless, not all cryptocurrencies are on a downward trajectory, some are even going as excessive as 80 p.c over their earlier worth.
The cryptocurrency we’re speaking about right here is Dogecoin and in case this identify sounds acquainted, you’re proper, the coin is definitely named after a meme of ‘Doge’ shiba canines which might be prominently present in Japan.
The cryptocurrency was created by software program engineers Billy Markus and Jackson Palmer, who made this as a joke — a enjoyable approach to circumvent conventional banking charges within the yr 2013.
Reports have revealed that Dogecoin has spiked up 80 p.c whereas additionally seeing an exponential improve in buying and selling quantity — over 800 p.c. Dogecoin hit $0.0138 on January 28. Sure, this barely comes to 1 cent, however it’s been a loopy spike nonetheless. To place issues into perspective Dogecoin was at $0.0047 during December 31, 2020.
The positive factors additionally noticed a sudden improve in curiosity on social media platforms with experiences highlighting exercise on Twitter spiking by 300 p.c and it’s displaying no indicators of slowing down. Even hashtags #dogecoin and #dogecoininto1dollar has been trending on Twitter within the US. Final month, even Musk promoted Dogecoin on Twitter when Bitcoin was on an increase.
Individuals on social media are asking individuals who personal Dogecoin to carry on its leash and are ready for its worth to the touch $1, though it would take the shiba-inspired cryptocurrency a while to achieve there.