DogeCoin Surpassed 11 Cents for the First Time in History

The history of DogeCoin is quite unusual, as it is a cryptocurrency that was created to parody the insanity of cryptocurrencies. It reached a milestone on Tuesday when the price jumped to 11.5 cents. Thus, its price surpassed 10 cents for the first time in history. The market cap of this cryptocurrency, which started as a joke and is literally classified as “a memecoin” surpassed $16 billion as of Wednesday.

DogeCoin’s popularity is the result of a semic-ironic movement that’s involved thousands of buyers, tens of thousands of online posters as well as Elon Musk. Cryptocurrency communities became attached to the idea of “sending” this cryptocurrency to 10 cents.

This year, more precisely in early January, each token was worth less than one cents. In less than a month, its price reached 7.5 cents, before sliding down to 2.5 cents. DogeCoin spent the past few months in the three-to-seven-cent range. Several days ago its price began to rise, from around six cents, before it smashed the 10-cent milestone.

DogeCoin, its history, and Elon Musk

Elon Musk likes to comment on various topics, but he has been unusually quiet in the last couple of days. Several days ago the most high-profile supporter of DogeCoin tweeted “…going to the moon very soon”. Many people regarded his tweet to be a reference to Dogecoin.

In February, Musk tweeted about this cryptocurrency. According to Musk’s tweet, DogeCoin is the people’s crypto alongside Lion King art. His comment caused DogeCoin’s price to increase by 50%. At the moment, it is unclear if Musk’s enthusiasm for DogeCoin is part of his ironic-meme-loving public persona or part of a strategy to boost interest in cryptocurrency. His company bought $1.5 billion in Bitcoin and this decision once more shows Musk’s attitude towards cryptocurrencies.

Bitcoin is the largest cryptocurrency in the world, but there are other interesting cryptocurrencies as well. There is an entire market of smaller ones called “altcoins”. These are like the penny stocks of the cryptocurrency. Many of them aim or at least claim to have utility or improve facets of the Ethereum blockchain, upon which most altcoins are built.

DogeCoin belongs to the category of “memecoins”. The history of this cryptocurrency dates back to 2013 and it was the first such memecoin. At the moment, there is no lack of such cryptocurrencies. They rise and fall in popularity simply because they are kind of funny.