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What is Dogecoin, and Why is It Trending?

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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.

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