Dogecoin price surges after tweets from Elon Musk

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Dodgecoin is a cryptocurrency invented by software engineers Billy Markus and Jackson Palmer, who decided to create a payment system that is free from traditional banking fees. Dodgecoin features the face of the Shiba Inu dog from the “Doge” meme as its logo and namesake.

It was introduced on December 6, 2013, and quickly developed its own online community, reaching a market capitalization of US $70,355,561,773 on April 16, 2021.

Dogecoin’s price has soared to 50 cents lately, according to data from Coin Metrics.

Elon Musk and Mark Cuban have both made tweets supporting the meme-inspired cryptocurrency.

But its wild surge has led to warnings from some investors who view it as a speculative bubble.

Initially started as a joke in 2013, dogecoin is now the sixth-largest digital coin with a total market value of almost $42 billion, according to the “Doge” meme, which depicts a Shiba Inu dog alongside nonsensical phrases in multicolored text.

It has often spiked in price following tweets from Elon Musk. The billionaire Tesla CEO once called dogecoin his favorite cryptocurrency. Musk is also a supporter of bitcoin, with his electric car company having amassed nearly $2.5 billion worth of the cryptocurrency.

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