The price of ‘Elon Musk-certified’ and fast-rising cryptocurrency Dogecoin (DOGE) witnessed a 54 percent surge and has set a new milestone for the cryptocurrency with a new all-time high of $0.1161 even with the controversy surrounding it.
Even though experts and cryptocurrency enthusiast cannot give strong reasons for the coin’s recent surge, many people attribute the surge to the recent controversies surrounding the coin. Dogecoin has always been surrounded by controversy, in fact it was birthed as a joke and only began to make wave after Technoking; Elon Musk tweeted about it. Since then, amid huge criticisms and speculations that the coin will turn out to be a debacle, it has continued to gain the support of top celebrities and a small number of businesses.
Dogecoin was invented by software engineers Billy Markus and Jackson Palmer. They wanted to create a payment system that would be fun among other things that payment systems are traditionally known for. Dogecoin uses the face of the famous Shiba Inu dog from ‘Doge’ meme as its logo and is namesake to this famous dog. The coin was introduced on December 6, 2013. An online community supporting the coin was also birthed and as at January 28th of this year, DOGE has a market capitalization of over $5 billlion.
As of the time of this writing, DOGE was trading at $0.113824 with a daily trading volume of $11.3 billion, and is up 54.49 percent for the day.
Among people predicting that Dogecoin will hit the price of $1 soon is Dallas Mavericks owner, Mark Cuban who has pledged allegiance to the coin by accepting it as a means of payment.
According to Ani Lulla who is a former analyst at Bloomberg and co-founder of cryptocurrency research firm Delphi Digital, “The recent rise of Dogecoin, a meme coin, should serve as a remainder to everyone in the space that the most popular use case for crypto is still pure speculation”
Dogecoin operates a decentralized system and can be used to facilitate peer-to-peer transactions just like any other cryptocurrency. Unlike Bitcoin, Dogecoin has a block period of one minute and its total supply is unlimited which means that there is no limit to the amount of Dogecoin that can be mined.