Based on the “Doge” meme that rose to popularity in 2013 as it surfaced up as a joke, Dogecoin is an open-source peer-to-peer digital currency worth $40 billion. The price of dogecoin has risen by 400% since last week sparking worries of a bubble in the crypto market.
Dogecoin is currently ranked among the top ten digital currencies.
Dogecoin has added $20 billion in the last 24 hours to its total market value. The digital token reached its all-time high price of 32 cents on Friday morning. Well, this is not the 1st time dogecoin has seen this massive climb. Like other cryptocurrencies, it also has seen volatile swings in prices in the recent past.
It should be noted that Elon Musk has recently made several tweets about dogecoin, which has helped to drive up its price. On Thursday, Elon tweeted “Doge Barking at the Moon,”. It seems like dogecoin is Elon Musk’s favorite cryptocurrency although he also supports Bitcoin as his company Tesla bought $1.5 billion worth Bitcoin earlier this year.
One wonders if dogecoin’s rise in popularity and price is a greater fool theory and could let to crypto bubble many investors have openly talked about. People are investing in crypto hoping the price will keep rising and they can make a quick buck.