June 18, 2021

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Dogecoin surges to an extend where it may be impossible to stop

2 min read

The Dogecoin surge mania has reached Indian cryptocurrency despite the potential ban on cryptocurrency in India.

Named after a Japanese meme, Dogecoin, the cryptocurrency from nearly a decade ago, and has surged 30% on Tuesday to set an all-time record high at more than 50 cents per coin.

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Dogecoin Surge

How much did Dogecoin surge?

The cryptocurrency was trading at about 54 cents. Dogecoin surge up to roughly 40 cents per coin last month before falling sharply for several days after the calendar turned to April 20, a date widely celebrated as a marijuana-themed holiday.

Dogecoin was started as a joke in 2013 amid a boom in early cryptocurrencies. It was based on a popular internet meme at the time that featured a Shiba Inu dog and cartoon-style text over the image. Its rise in recent months has been highlighted by many as a sign of froth and speculation in the financial markets, particularly among younger investors who started trading during the pandemic.

The coin has been boosted in recent weeks by billionaires Elon Musk and Mark Cuban, who have both mentioned Dogecoin on Twitter multiple times. Cuban has said the increased interest and use in Dogecoin have made it more than a joke.

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