Suara.com - The price of the Dogecoin (DOGE) crypto asset has increased dramatically in the past year. If calculated for the last 3 days only, the price increase is up to 150%.
Meanwhile, when calculated annually or year on year (YoY), DOGE prices have increased by 592%. It should be noted, the price of DOGE in January 2020 was still IDR 28 and currently it has increased to IDR 194.
Indodax CEO Oscar Darmawan said the increase in DOGE prices was driven by increased demand after Tesla CEO Elon Musk stated that DOGE was his favorite crypto asset.
“Elon Musk said DOGE is his favorite crypto asset on Twitter. People saw that then they bought DOGE. Because the demand is massive, it certainly affects the price, ”said Oscar Darmawan, Sunday, January 3, 2021.
Elon Musk is known to have tweeted several times about DOGE. His most popular tweet was written on December 20, 2020. Elon Musk said, “One Word: DOGE”. The tweet also raised the price of DOGE in the market.
In fact, this is not the first time Musk has posted a tweet about DOGE. On July 18, 2020, Musk posted his "Inevitable" tweet along with a standard illustration of Dogecoin engulfing the global financial system. Following the tweet, Dogecoin's price rose 14 percent.
Oscar added that DOGE is one of the favorite crypto assets worldwide, including in Indonesia, such as in the Indodax market. On Coinmarketcap.com, the DOGE rating is 26th. DOGE's market cap alone reached USD1.27 billion.
"Even before Elon Musk made a status on Twitter, DOGE was always an interesting crypto asset to collect because of the strong fan community base behind the asset," he added.
However, the increase in the price of DOGE is not only due to Elon Musk, but also due to the increase in the price of Bitcoin. It should be noted, DOGE is a type of altcoin which is a derivative of Bitcoin technology.
Dogecoin itself was originally created from a joke from the crypto community by making crypto with the Shiba Inu Dog logo icon which has now become a large crypto community. Dogecoin is also known as a "friendly" digital currency for good reason. After its success, Dogecoin also became known for charitable donations and various other positive activities.
With the increase in the price of DOGE this indicates that crypto assets or cryptocurrencies are not just Bitcoin. There are still many other crypto assets that have shown fantastic performance such as Ethereum and DOGE and other coins.
"Bitcoin is indeed the king of crypto assets, but every increase in Bitcoin always encourages the increase of all other crypto assets. Not only Bitcoin, only the increase of each crypto asset is different, there are two digits to three digits, but it is also indisputable that some crypto assets actually fall free. The period of the massive increase in crypto prices made many people suddenly rich after collecting crypto assets, "he said.
In Indonesia, many Dogecoin buying and selling transactions are carried out through the Bitcoin.co.id and Indodax.com websites and it has been recorded that in the last few days Dogecoin transactions exceeded a volume of IDR 100 billion a day and has become one of the most favorite crypto assets bought by the crypto trader community in Indonesia..
