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What to know about Dogecoin | Naija.NewsBurrow

What to know about Dogecoin | Naija.NewsBurrow




The buzz around bitcoin may not be passing away whenever soon as more cryptocurrency continue to skyrocket high in worth. Dogecoin is going from a meme-based crypto to end up being the most recent cryptocurrency on the trend table rising as quick as 800% in 24 hours.

Here is what to understand about Dogecoin

Started as a Joke

Introduced in 2013, Dogecoin was originally created as a joke by software application engineers Jackson Palmer and Billy Markus. The meme-crypto has the image of a Shuba Inu pet dog as its logo.

It was marketed as the “fun” variation of bitcoin however to the inventors shock it leapt 300% after China banned banks from investing in cryptocurrencies.

Dogecoin then escalated together with other cryptos during the high value rate in 2017 however fell with the rest of them over 2018.

Elon Musk Influence

Dogecoin is back at the top after series of viral tweet of the world wealthiest man Elon Musk. Musk’s followers saw his tweet on Dogecoin as a suggestion.

” One word: Doge,” the world richest guy tweeted in December2020

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This sent the cryptocurrency to a 20% surge and rising. According to the TIE, there were over 100,000 tweets about Dogecoin in the routing 24 hours period, to when it tweeted, from 50,000 distinct non-bot accounts.

The move assumes significance as it is the very first time ever that a cryptocurrency has overtaken Bitcoin in regards to the social media stimulate.

The Increase

Dogecoin presently as a circulating supply of 128,136,378,598 DOGE coins, and the maximum supply is not offered.

According to data provider The Tie, DOGE set a brand-new record for the most tweets on a cryptocurrency over a 24- hour duration, besting the previous marks set by leading cryptocurrency bitcoin on Jan. 2, 2021, and Dec. 22, 2017.

The Danger

Buying cryptocurrencies is a risky business and it is better to utilize ones lose money has its not guaranteed similar to stocks and shares.

This exact same buzz has actually occurred in 2017 and then decreased in 2018 which has revealed that cryptocurrency is highly unstable since your money can go down in addition to up.

What to understand about Dogecoin

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Written by Funmi Aiyelomo

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