For the past few days, the cryptocurrency market experienced dumps including the joke crypto Dogecoin.
The famous joke token, Dogecoin launched in 2013 in memory of the Shiba Inu meme. The former video game software engineer at IBM, Billy Markus, had started the token named after currency used in the Nintendo game Animal Crossing in 2013. In the beginning, the token traded at very lower prices at the time and was often used as a token for tipping and funding charities. Dogecoin has many fans all over the world and thanks to the fans it gained momentum and price began to rise. Special thanks should go to its superfan the CEO of Tesla Elon Musk. With a series of tweets, Elon showed his interest and optimism towards the token. With all the activists and fans the token grew more than 4,800% in price since the start of the year. Now Doge has a market capitalization of over $60 billion and that is no joke.
Coinbase, U.S. based cryptocurrency exchange announced that they will soon start trading Dogecoin on its exchange. With this news the token now selling at around $0.50 over the exchanges which traded for low as $0.38 on Thursday. Many hoped that Dogecoin will reach the $1 mark when Elon Musk Aka “Dogefather” hosted the SNL (“Saturday Night Live”) on the 8th of May.
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