Do you understand why DogeCoin is rising in price?
DogeCoin reached 69 cents on Wednesday, well above the 10 cents traders predicted in January.
In spite of DogeCoin's track record as a joke crypto coin, this week's price boost is no laughing matter. The altcoin struck a record high of 69 cents on Wednesday early morning.
Regardless of the unexpected increase in price, it's still another landmark in DogeCoin's wonderful year 2021. In January, when the coin was worth around a cent, Doge lovers eagerly anticipated the coin reaching 10 cents in value.
Over the weekend, the price of DogeCoin began rising. Tesla CEO Elon Musk is one of DogeCoin's most popular supporters, and his tweets promoting the cryptocurrency tend to trigger a boost in its value. Musk recently mentioned his look on May 8 on Saturday Night Live.
The memecoin was also noted on eToro and Gemini, resulting in a significant expansion of its reach. ETORO alone has 20 million users, all of whom can now quickly buy DogeCoin from its service.
Robinhood said cryptocurrency trading was problematic for the app due to a spike in DogeCoin activity.
The two greatest cryptocurrencies are Bitcoin and Ethereum, but under their hood is an entire host of smaller ones, sometimes called "shitcoins.".
Called altcoins, this class of cryptocurrencies resemble cent stocks. Lots of aspire to be more than simply a trading property, or claim to attend to elements of the Ethereum blockchain - which most altcoins operate on.
Another type is "memecoins," which tend to change in popularity simply since they're funny.
It was DogeCoin that first began the memecoin trend, but today there are countless imposters. Meme, for instance, gone for $1 in August and currently trades at over $2,000.