Dogecoin, the Meme-based cryptocurrency, fell on Tuesday after hitting a record high in wild trading. Supporters of the coin were once thought to be imitators using tags to drive the rally until it lost momentum.
Dogecoin eventually fell 15.4% to US$0.33 (approximately 25 rupees), but when it hit a record high during the session, its market value soared to more than US$50 billion (approximately 377.35 billion rupees). According to coinmarketcap.com, after the plunge, its market value dropped by approximately US$45 billion (approximately Rs 3,39,610 crore).
In contrast, the popular Bitcoin has a market value of more than US$1 trillion (approximately Rs 75,46,990 crore).
Dogecoin fans used the hashtags #DogeDay and #DogeDay420 to post memes, messages and videos on Twitter, Reddit and TikTok, referring to the informal holiday of April 20th to celebrate marijuana marked by smoking and street parties .
“Give me GIMME from DOGECOIN LAMBO!!! #DogeDay” Tweet, Refers to the Lamborghini sports car popular in crypto culture.
The price of Dog Food Coin has risen by 8,000% this year. This is a satirical comment on the 2013 cryptocurrency frenzy and launched Dogecoin, replacing more widely used cryptocurrencies such as Litecoin and Tether, becoming the sixth largest coin.
Edward Moya, a senior market analyst at the online foreign exchange trading platform OANDA, said: “The current retail enthusiasm may not completely abandon Dogecoin.” But he does hope that this cryptocurrency can “sell the event.”
The Dogecoin logo has a Shiba Inu dog in the center of the meme. It can be traded on crypto exchanges and more popular mainstream trading applications.
According to data from CoinMarketCap, Diana Biggs, CEO of the dongle startup Valour, said: “The Governor’s rise represents an interesting fusion. Last week, the price of the Governor coin soared five times. After reaching a record high of 0.42 U.S. dollars (about 30 rupees), said Diana Biggs, CEO of the dongle startup Valour.
Biggs added: “A type of memetic coin is a joke for the early adopters of digital currency. Their community finds this kind of thing interesting, and nowadays, a new generation of retail investors use their native language as a meme.”
Dogecoin’s rise comes from a surge in online stock and cryptocurrency transactions conducted by retail investors, and due to the COVID-19 pandemic, the company is trapped at home and has additional cash. Tokens have not seen much growth in terms of payment or commercial use.
The massive use of online trading applications such as Robinhood has also contributed to the rise of GameStop stocks promoted by social media this year, making retail investors compete with hedge funds.
Ajit Tripathi, head of the decentralized financial startup Aave’s institutional business, said: “This is an extension of the same phenomenon, which has caused the valuation of Tesla’s stock to far exceed the fundamentals, and has recently been affected by the short-term short squeeze of GME (GameStop). “
Like other cryptocurrencies, the price of Dogecoin is largely influenced by social media users, including Tesla CEO Elon Musk, who issued a cryptocurrency issue in February. The tweet caused its price to soar by more than 60%.
According to data from gaming aggregator US-Bookies.com, the implied probability of Dogecoin is currently 16.7% and will be worth more than US$1 (approximately 75 rupees) by the end of 2021, a significant improvement from the 2.9 at the beginning of this month. Percentage of chance of doing so.
Thomson Reuters 2021 ©
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