Interest in dogecoin has reached new heights this month, fuelled by staggering price gains and endorsements from the second richest person on the planet.
The cryptocurrency has been around since 2013, created as a “tongue-in-cheek” response to the frenzy surrounding the nascent bitcoin industry, however it still remains relatively difficult to buy.
With a market cap teasing $50 billion (£36bn), traditional investors are beginning to take the joke cryptocurrency much more seriously, while others are hoping to make a quick profit from Elon Musk’s apparent efforts to pump dogecoin’s price “to the Moon” ahead of his Saturday Night Live appearance next month.
Dogecoin is currently trading at around $0.30, making it the world’s sixth most valuable cryptocurrency. Its strongest advocates believe it’s not long before its price hits $1.
Between April 2020 and April 2021, Dogecoin rose from around two tenths of a cent to more than 40 cents – a gain of more than 20,000 per cent. The price surge has been mirrored by online interest in the cryptocurrency over the last year,…
