KEY POINTS
- Dogecoin is a cryptocurrency based on the “Doge” meme, which rose to popularity in late 2013. It started out as a joke.
- Now, defying all odds, dogecoin is worth $34 billion, and its price has risen by a whopping 300% in the last seven days.
- Dogecoin’s skyrocketing price has led to worries of a potential bubble in the cryptocurrency market.
Dogecoin started out as a joke. Now it’s a top-10 digital currency worth $34 billion.
The cryptocurrency is based on the “Doge” meme, which rose to popularity in late 2013. The meme portrays a Shiba Inu dog alongside nonsensical phrases in multicolored, Comic Sans-font text.
Created in 2013 by software engineers Billy Markus and Jackson Palmer, dogecoin was intended to be used as a faster but “fun” alternative to bitcoin. It has since found a growing community online.
And now, defying all odds, dogecoin has a total market value of $34 billion, according to crypto market data site CoinGecko, adding about $19.9 billion in the last 24 hours. The digital token reached an all-time high above 28 cents Friday morning, more than doubling in price from a day ago.
‘I just became a Dogecoin millionaire’
