DogeCoin started as a parody of cryptocurrencies, but Tuesday’s rise in price is no joke. The memecoin’s price flew past its previous high of 43 cents, hitting a record 60 cents on Tuesday before settling around 57 cents. This is a more than tenfold increase of its 5-cent value in March. It was worth just 1 cent in January.
The price of DogeCoin started ticking up over the weekend. Tesla CEO Elon Musk is Doge’s highest-profile supporter, and his tweets related to the cryptocurrency tend to lead to a jump in its value. Musk posted a tweet last week that referenced « The Dogefather » and his upcoming hosting gig on Saturday Night Live May 8.
Another possible reason for the surge could be attributed to popular investing app Robinhood. The investing platform tweeted Tuesday morning it was experiencing issues with cryptocurrency trading. The problem led some cryptocurrency traders to speculate that this was a replay of Robinhood’s controversial decision to stop selling GameStop stock when it was skyrocketing in value, which in turn may have spurred people using other investing platforms to buy more DogeCoin.
Update: Crypto trading is now fully restored. We know some customers may have experienced intermittent issues earlier. We’ll continue to monitor the situation closely and we’re sorry if you were impacted. Please contact us if you have outstanding issues. https://t.co/adhugIHVGR
If you’re familiar with cryptocurrency, you know Bitcoin and maybe Ethereum. Those are the two biggest cryptocurrencies, but underneath them is an entire market of smaller ones called « altcoins » — or, sometimes, « shitcoins. » These are like the penny stocks of the cryptocurrency world. Many aim or claim to have utility, or improve facets of the Ethereum blockchain, upon which most altcoins are built. Others are « memecoins, » which rise and fall in popularity simply because they’re kind of funny.
Created in 2013, DogeCoin was the first such memecoin. There are many others, and they’re preposterous. One simply called Meme launched in August at $1 and now trades at over $2,000.
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