Once thought of, and likely thought up, as a joke currency, DogeCoin is now racking in some serious business. It began flying high in the cryptocurrency market after Reddit and similar sites encouraged the mass media to look into digital currency. As of now, it’s even entered in the Top 10 Cryptocurrencies by total market capitalization, and was ranked ninth this past Friday.
What is DogeCoin?
A new insight has recently claimed that around 60 million DogeCoin shares were bought in just under five minutes. After the popular Reddit forum, r/wallstreetbets shook Wall Street with the Game Stop squeeze, other popular subreddits began joining in on the fun.
The users of the subreddits behind DogeCoin even claimed they wanted to take it to GameStop’s value, and even beyond. It skyrocketed almost instantly, hitting 800% in just a little over 24 hours. It reached a high of $0.0779. Experts say that this currency will rise to $1 within this coming week.
The forum behind it all is still encouraging users to keep pushing to help the cryptocurrency reach a dollar value. With 60 million shares bought in just five minutes, the market capitalization reached nearly $9 billion. As of now, DogeCoin might trade between 2 to 4 dollars by the end of the year 2021. Right now, digital currency continues to attract worldwide attention from many marketers that are trying to make it big. Those on the internet are moreso intrigued. It’s a remote, and by remote I mean fully remote, type of currency to invest in. Additionally, it helps that this currency is based on an overdone meme. Doge, the dog you’ve likely seen on the internet once or twice, is the famous dog that many memes have been based around from time to time on the internet.
Only time will tell if this meme, or this currency, stands up to it or fizzles out.