SO… WHAT IS DOGECOIN?
The price of Dogecoin has hit a fresh all-time high as interest in the “joke” cryptocurrency grows.
Dogecoin hit a record high of $0.65 on May 5, but what is Dogecoin and why is the cryptocurrency going up?
Dogecoin is a cryptocurrency and was first launched back in 2013.
Dogecoin has the image of a Shuba Inu dog as its logo.
The image became a popular internet meme called doge, and it features the dog surrounded by text in the comic sans font with words like “much wow”.
Software engineers Jackson Palmer and Billy Markus originally created Dogecoin as a joke based on this meme.
It has been marketed as the “fun” version of Bitcoin but has gained in value and attracted more serious interest since then.
Two weeks after it first launched, the value of it jumped 300% after China banned banks from investing in cryptocurrencies, according to Investopedia.
Dogecoin then skyrocketed alongside other cryptos during the bubble that peaked in 2017, and it fell with the rest of them over 2018.
On May 4 this year, Dogecoin reached its highest value yet of $0.4854, according to crypto data firm CoinMarketCap.