Dogecoin, has grabbed attention once again on Wednesday, after it soared to $0.122398 or 12cents with Twitter users and other social media users remarking over the surge, becoming one of the top trends on Google. According to a report published on Tuesday, since the beginning of 2021, the cryptocurrency soared nearly to 1,900%. Meanwhile, the report also showed that the Bitcoin during the same period returned to about 117.47%.
Originally, Dogecoin was introduced into global prominence after several celebrities, which also included Tesla’s chief executive officer (CEO) Elon Musk, rapper Snoop Dogg and rock band Kiss’ bassist Gene Simmons, who talked about it on Twitter. On February 1, Musk in an interview expressed his support for Dogecoin and said it is a ‘good thing’, however, he soon retracted his comments on cryptocurrency, calling it a joke.
Two software engineers Billy Markus and Jackson Palmer in December 2013, created Dogecoin as fun and instant cryptocurrency. Markus had worked for the International Business Machines (IBM) while Palmer was employed with Adobe Inc. The mascot of Dogecoin is a Shiba Inu from the popular internet meme Doge. It’s website Dogcoin.com had over a million visitors within a month of its launch on December 6, 2013.
Whereas on February 8 this year, Dogecoin climbed to a peak of about 8.2 US cents and reached a market capitalisation of $10.5 billion. In a data, it was ranked among the top 10 cryptocurrencies in terms of its market value. Dogecoin had a market value of $9.5 billion, as of February. After the surge, Kiss’s Simmons pointed out how much people could have made if they had bought Dogecoin earlier.