Dogecoin, the cryptocurrency that was started as a joke back in December 2013, jumped to an all-time high on Friday. It gained over 100 percent growth in the last 24 hours and reached the milestone price of $0.291 (roughly Rs. 20) — more than doubled the pricing recorded a day earlier. The record-breaking growth of Dogecoin was marked just a day after American billionaire Elon Musk tweeted about the increase in its price. A large number of Musk’s followers expressed their interest in investing in this coin following his tweet. That could easily be considered as the reason behind its remarkable growth.
In the last one year, Dogecoin has marked a whopping 11,853.75 percent growth. This is significantly higher than the growth of 739.93 percent received by Bitcoin. However, the value of the coinis still quite lower when comparing it with that of popular cryptocurrencies including Bitcoin and Ethereum.
Musk has been one of the prominent promoters of doge for some time. On Thursday, he tweeted an image with a caption that read, “Doge barking at the moon.” It hinted at the massive growth of doge in the cryptocurrency market.
Dogecoin Started as a joke, now a phenomenon
Doge was started as a joke by two software engineers Billy Markus and Jackson Palmer as fun and instant cryptocurrency in December 2013. If you have been using the internet, there is a chance that you might have come across or heard about the Doge meme. It featured the iconic Shibe.
Palmer, an Australian marketer, once joked about combining two of the internet’s most talked-about topics: cryptocurrency and Doge. Investing in Dogecoin,” Palmer tweeted, “pretty sure it’s the next big thing.”
The tweet was noticed by a lot of people on the internet who started talking about this coin. Palmer kept the joke going by buying Dogecoin.com domain and uploaded a photoshopped Shibe on a coin.
Billy Markus, who was literally on the other side of the world, working as a software engineer at IBM, saw a note left by Palmer on the mentioned domain. He tried to get in touch with the latter but started working on Dogecoin after failing to hear from him. Markus has admitted to using Bitcoin’s open-source code for creating Dogecoin. He changed few elements and made 100 billion Dogecoins against 21 million Bitcoins.
You can buy dogecoin using this link.
Also, he made them easier to mine. EhDig. Markus replaced the word mine with dig, because Dogs don’t mine, they dig.