In the midst of the so-called meme stick frenzy, it may be fitting that a cryptocurrency based on a meme has been swept insane.
Dogecoin, a digital currency created as a hoax, is now the 10th largest cryptocurrency in the world, according to CoinMarketCap. The price is up more than 1,600 percent this year, fueled by cheerleading in recent days from celebrities like Tesla’s Elon Musk, rapper Snoop Dogg, and rocker Gene Simmons of Kiss, all of whom have been promoting Dogecoin on social media, was advanced.
Dogecoin is called a “fun and friendly internet currency” by its creators. The token was created in 2013 as a meme-based satire about the spread of dubious crypto coins at the time. The internet meme “Doge” with a constantly surprised Shiba Inu dog went viral at the time.
Dogecoin holders often use the tokens to give each other little tips on online forums or to band together to take on unlikely causes, such as sponsoring Jamaica’s two-man bobsleigh team at the 2014 Winter Olympics.
When talking about the Clubhouse audio-sharing app last week, Mr Musk said his ardent support for Dogecoin – he came from a self-imposed Twitter break to tweet about it – was a complex joke in itself. “Dogecoin was made as a joke to make fun of cryptocurrencies, but fate loves irony,” he said. “The most ironic result would be that Dogecoin will become the currency of the earth in the future.”
Whatever he thinks about Dogecoin, there is no doubt that Mr. Musk is serious about Bitcoin. Tesla announced Monday that it has purchased $ 1.5 billion worth of Bitcoin and will be examining whether it will be accepted as payment for its vehicles.
On Monday morning, Dogecoin rose 30 percent, twice as much as Bitcoin.
