Dogecoin is a digital currency created in 2013, partly as a joke. It was originally a satire of the surge in cryptocurrencies at the time, and used the popular online "doge" internet meme. This dog is Shiba Inu (Shiba Inu) and always has a surprised expression on his face.
What's going on now? : According to data from CoinMarketCap, the price of Dogecoin has risen by more than 1600% so far in 2021, and has risen by more than 600% since January 28 alone. On Monday, the stock price surged its market value to more than $10 billion.
Is it used for anything? : The creator of Dogecoin stated that the currency has been used for online purchases, donations and broader crowd fundraising activities, such as funding the 2014 Jamaica Olympic sled team and providing clean water to all parts of the world. As a cryptocurrency, it can be safely transmitted online between parties. Its function is similar to a token: people exchange cryptocurrencies with government-issued currencies (US dollars, British pounds, Japanese yen, etc.).
In conclusion : Stock traders may be frustrated with the attention and restrictions on GameStop stock trading, so in the past week or so, they have turned to investing in cryptocurrencies. Dogecoin seems to lead digital currency investment, thanks in part to Tesla’s Elon Musk, rapper Snoop Dogg and rock singer Keen Simmons (Gene Simmons of Kiss) brought celebrity cheerleaders.
