Trading News

Read The Latest News & Analysis

What is Dogecoin, and Why is It Trending?

Dogeday
Share on:

Good Morning America. And yes, #dogecoins is trending again on Twitter.  The question arises, what is Dogecoin? 

Dogecoin is the epitome of ‘Social Media’s Power’. The currency has been pumped multiple times by Twitter discourse since the start of this month. The mem coin is literally the talk of the town in financial circles.

What is Dogecoin?

Bitcoin is the parent cryptocurrency. It opened ways for the creation of multiple alternative cryptocurrencies. These alternative cryptocurrencies or altcoins have different use cases. Dogecoin is also an altcoin launched in 2014 as a joke.

The logo of dogecoin is based on a dog meme that took the internet by storm in 2013. The currency originally has litecoin as the base currency. However, it has well-established itself as a unique entity with community support.

The value of dogecoin has always been below 1 dollar. It reeked in fame through the internet at multiple points in time. For instance, the price of $DOGE significantly appreciated after a viral video on the Tik Tok app. The user in the video encouraged viewers to buy dogecoin so that they all could get rich. This was a classic pump and dump activity. But, it failed to bring dogecoin over $1.

In the recent movement, the self-pronounced dogearmy is again trying to bring the price of the coin up.

Elon is the Man:

Elon Musk, the CEO of Tesla, is the man behind the recent pump of dogecoin. He has been incessantly tweeting about the currency in the past couple of weeks. With every tweet of his, the price of $DOGE goes up a little bit.


The price of dogecoin has increased by 2.54% in the week. Whereas, in the past 30 days doge has gone up by 527%.

Dogecoin does not have as much use cases as other cryptocurrencies. However, the scalping strategy might help traders profit off the price fluctuation of the currency.

Recent News

crypto market

Richest Crypto Billionaire CZ has Assets Worth $96 Billion

Cryptocurrency has cultivated a new generation of billionaires The CEO of Binance exchange, Changpeng Zhao, is the richest crypto billionaire with his wealth amounting to $96

crypto market

Crypto Market Keeps Dropping on the Watch

Bitcoin reached $32K on Monday after significantly dropping over the weekend The whole crypto market went south following the pioneer cryptocurrency The sentiments of fear

crypto market

Multi-Million Dollar Crypto Scam: Pakistan to Investigate Binance

Federal Investigation Agency (FIA) of Pakistan has started a criminal investigation into a multi-million dollar crypto scam that involved people sending crypto funds from their

crypto market

Bitcoin Buyers are Holding and Accumulating Instead of Selling, Glassnode Reveals

Glassnode’s weekly report suggests that Bitcoin buyers are now holding as 76% of the supply of the coin became illiquid In the first week of 2022, the Bitcoin market is

Let's Chat
Facebook
Twitter
Instagram
Pinterest
Youtube