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Cryptocurrency meme Dogecoin hit a new record price thanks to its fans

The price of Dogecoin reached a record during this Tuesday (04/20/2021), with a market capitalization of more than 50,000 million US dollars, after users on social networks used the hashtags – or labels – to fuel a rally in the meme-inspired cryptocurrency.

The 8,000% price increase so far this year has seen Dogecoin, initially launched in 2013 as part of a satirical critique of the cryptocurrency frenzy, overtake other valuable cryptocurrencies such as Tether, and become the fifth. largest in the whole world.

Although Dogecoin represents only a fraction of Bitcoin’s $ 1 trillion value, it can be traded on cryptocurrency exchanges and most popular trading apps. The cryptocurrency logo is represented by the Shiba Inu dog meme.

“The Dogecoin rally represents an interesting convergence,” said Diana Biggs, CEO of crypto company Valour, after the price of Dogecoin rose fivefold in the past week to a record high of $ 0.42, according to CoinMarketCap.

“A coin created as a joke for early crypto users whose community found this kind of funny stuff, with now a new generation of retail investors for whom memes are a native language,” Biggs added.

The importance of social networks in its value

Dogecoin fans used the hashtags #DogeDay and # DogeDay420 to post memes, messages and videos on Twitter, Reddit and TikTok, in reference to the informal holiday of April 20 to celebrate cannabis, which is marked by smokers and street parties.

Like other cryptocurrencies, Dogecoin’s price is heavily influenced by social media users, including Tesla boss Elon Musk, whose tweets about the cryptocurrency in February sent its price soaring more than 60%.

“If this goes as planned and everyone, including Mr. Musk, goes ahead and invests money in the Doge on April 20, all at once, Doge will hit prices that were originally not even conceptual,” said one user. from TikTok in a video promoting the coin.

Created in 2013 by Billy Markus and Jackson Palmer as a joke, Dogecoin currently has 129 billion coins in circulation and will continue to increase in number every year. The value of this – less than a dollar – is considerably different from the most popular cryptocurrency, Bitcoin, which has a value of US $ 55,000 per unit.

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