Dogecoin, a cryptocurrency that started as a joke, now has a market value that cannot be laughed at: more than $ 50 billion. Traders at Dogecoin on Tuesday tried to push up the price to coincide with 4/20, or April 20, a date associated with cannabis smoking.
On Twitter, the hashtags #DogeDay and # Doge420 were the biggest. The price of Dogecoin, which has been rising recently, fluctuated between gains and losses on Tuesday and traded at around 40 cents, according to Coindesk. A month ago it was about 5 cents.
The ripple effects of the boom in crypto markets are being felt far and wide. Coinbase, the cryptocurrency exchange that became known last week and helps the industry move into the mainstream, has a market value of $ 66 billion. Central banks have come up with plans to investigate digital currencies to offer people a secure alternative to cryptocurrencies that are beyond their control. On Monday, the Bank of England was the latest to announce that it is examining a central bank’s digital currency.
On Tuesday morning, the prices of cryptocurrencies and related stocks fell. Bitcoin fell 1 percent and traded just above $ 55,000. Shares in Coinbase and Riot Blockchain were slightly lower in market trading.