Cryptocurrency that surged after Elon Musk tweeted about it but started as a Dogecoin joke on Reddit years ago
The digital currency based on a meme — Dogecoin — has continued to capture public attention as Tesla CEO Elon Musk and rapper Snoop Dogg sent out a flurry of tweets. Driving up the price of the meme-currency.
Following the series of tweets. Dogecoin leaped 31% on Monday to a record high value of $0.083745. The digital currency now ranks as one of the top 10 digital coins by market value, according to CoinMarketCap.
Musk tweeted out an instructional YouTube video on Dogecoin on Sunday, while Snoop Dogg uploaded a picture of the dog that inspired Doge with the caption “@elonmusk.”
Musk has been actively tweeting about the currency since its copycat rally to GameStop. In January, Dogecoin surged over 600% , driven by the Reddit mania surrounding GameStop.
Dogecoin’s recent popularity is not the first time the unusual digital currency has captured the spotlight.
Doge started in 2013 as a joke between two engineers. IBM software engineer Billy Markus and Adobe software engineer Jackson Palmer had never even met. When they successfully combined two of 2013’s greatest phenomena. Bitcoin, and “doge.” The result: Dogecoin.
Doge was started using the day it was released. Over a million unique visitors went to dogecoin.com within the website’s first month.
to the two engineers
The doge meme that gained popularity in 2013 featured an image of a Shiba Inu dog with Comic Sans thought bubbles spouting out of it with near monosyllabic ideas. The meme can express anything. Like jokes about naps, early mornings, diets even space exploration.
Before the product was released. Palmer, who’d been following developments in the cryptocurrency world tweeted:
“Investing in Dogecoin, pretty sure it’s the next big thing.”