This Friday, the Dogecoin rate on the Binance crypto exchange soared to $0.0875 for the first time. The cryptocurrency capitalization of the asset exceeded $10 billion. On this key indicator, the asset took the sixth place among cryptocurrencies, after which its price declined, and it fell to eighth place. As of the time of writing this article, the price of the altcoin is $0.055.
The altcoin price began to grow yesterday after it was mentioned by a Twitter user under the name WSB Chairman (with some 700K followers). He first queried if anyone was investing in Bitcoin, then wondered why everyone was discussing Dogecoin. WSB Chairman has been of the more active contributors in the recent rise of shares of a variety of companies, including the Gamestop store chain for video game. During January, their securities grew by more than 12 times.
A few hours later, the owner of Tesla and SpaceX Elon Musk shared on his Twitter a comical magazine cover depicting a dog and the caption Dogue. Musk has already mentioned the altcoin several times, after every one of them its value has risen. For instance, on December 21, 2020, Musk posted a post: “Single word: Doge” and modified his Twitter bio to “Former CEO of the Dogecoin project” (an old joke of Musk).
Dogecoin was established in 2014 with no purpose of ever obtaining practical use. Its symbol is a meme photograph of a Japanese breed Shiba Inu dog.
