Dogecoin is now worth 10 cents. Is Elon Musk’s favorite meme cryptocurrency the next Bitcoin?

It started as a joke, but now it seems like the joke is on the people who did not take Dogecoin seriously. The meme cryptocurrency Elon Musk did not want to stop tweeting, reaching an all-time high. According to Coindesk, it has risen to 70.22% in the last 24 hours – the highest ever recorded. Currently (at the time of writing this article) the value of Dogecoin is $ 0.1222680, or almost 12 cents. The market capitalization of DogeCoin – which started out as a joke and is literally classified as a memecoin – is currently over $ 14 billion. It is the highest ever for the cryptocurrency, and the result of a semi-ironic move involving thousands of buyers, tens of thousands of online posters and the world’s richest man, Elon Musk.

In early January, each sign was worth less than one cent. At the end of January, when both the GameStop and DogeCoin movements made progress, the value of DogeCoin rose to 7.5 cents, well above a 10-cent increase, before slipping to 2.5 cents. The currency has spent the past few months in the range of three to seven cents. On Sunday, the price began to rise, by about six cents, before breaking the ten-cent milestone CNET.

Crypto-Twitter is understandably excited.

Elon Musk, CEO of Tesla, SpaceX boss and currently the richest person in the world, announced that he “bought a Dogecoin for lil X so he can be a toddler.” Dogecoin rose to 16% following the tweet, which rose from $ 0.069 to $ 0.08.

The Shiba Inu-themed digital coin surpassed 8 cents for the first time, just a week after crashing to 2.5 cents and sparking a scream on Reddit. It has risen 53 percent to 8.2 cents in the past 24 hours, and the recent record of 7.8 cents set in late January has been breaking.

What is dogecoin? Dogecoin, just like Bitcoin, is a digital currency used for e-transactions. Doge is a reference to the ‘doge’ meme and has a picture of the shiba inu on it. It is a crypto-currency, a form of digital money that, like bitcoin, enables peer-to-peer transactions in a decentralized network.

Since its inception, Doge has also been used to donate money to charities. It has the Jamaican bobsled team in 2014 that could not afford to come to the Winter Olympics in Sochi, a Nascar driver named Josh Wise, and a clean water project in Kenya called Doge4Water.

At the peak of the meme’s popularity in 2013, Palmer, an Australian marketer, made a joke that combined two of the internet’s most discussed topics: cryptocurrency and Doge. He bought the domain Dogecoin.com and loaded a photographed Shibe on a coin.

“If you want to realize Dogecoin, then contact us,” the website said. On the other side of the world, Billy Markus, a software engineer at IBM, contacted and launched Dogecoin. Dogecoin has risen more than 60 percent in the past 24 hours and, according to crypto-data firm CoinMarketCap, is experiencing a 1421 percent increase in trading volume.

The highest price of Dogecoin in 2018 was about two cents, just before it crashed along with the rest of the cryptocurrency. Reports indicate that by the beginning of 2019, Dogecoin had lost nearly 90 percent of its value and had traded for a fraction of a cent so far.

Did the settlement for the world of cryptocurrency finally arrive in the form of a dog-themed sign that started as a joke?

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