Dogecoin Is On A Rise After Elon Musk’s Tweet: All You Need To Know About Meme Cryptocurrency

Dogecoin has been enjoying a great year since the COVID-19 pandemic. While the global economy is reeling due to the pandemic. Initially, cryptocurrency started as a joke and has started gaining strength. Now, Dogecoin has made it to the headlines, thanks to the tech billionaire Elon Musk.

Recently, the CEO of SpaceX and Tesla who is known for its cryptic tweets became a sensation on social media as he posted a tweet supporting Dogecoin. He tweeted stating "Doge barking at the moon", pointing out to the cryptocurrency. Notably, this isn't the first time that Musk has tweeted supporting the digital currency. He also added to the ongoing buzz with the cryptic tweet stating "Going to the Moon very soon".

Since his tweet, Dogecoin reached an all-time high after 70.22% in the last 24 hours, which is the highest ever surge it has witnessed. Its current value reached $0.122680, which is almost 12 cents. The market cap of this cryptocurrency listed as a memecoin is now over $14 billion.

What Is Dogecoin?

Dogecoin features the Japanese Shiba Inu dog's face, which originated as a meme of the dog along with internal dialog printed in the rainbow comic without any font and broken English. Initially, the meme took off in 2020 and was voted among the top 10 memes of the year in 2013. It was co-founded by IBM software engineer Billy Markus and Adobe software engineer Jackson Palmer.

While it existed for years, it has been developing rapidly in recent years. Now, Elon Musk took it to an all-new level and its value exploded in 2021. Many people believe that Bitcoin is the future cryptocurrency that will redefine the way the world works. Dogecoin that was once an internet joke has now become an icon across the world and one of the most popular cryptocurrencies all over the world.

One of the major reasons for the popularity of the same is the surge in the platforms such as Twitter and Reddit where people started using the "To the Moon" reference to point out at Dogecoin. This is highly used for cryptocurrencies when they reach really high prices.