Monday, February 08, 2021
Musk powers digital currency
Crypto hype spurs Dogecoin to record
Dogecoin was actually intended as a parody of the Bitcoin. Meanwhile, the cryptocurrency with the Shiba-Inu dog in the logo is booming – and thanks to Tesla boss Musk, it is rising to a record high.
The digital currency Dogecoin, which is currently very popular among crypto fans, continues to soar. Today, Monday, the rate of the Internet currency introduced in 2013 rose to a record high of 8.6 US cents. The level sounds like little, but the market value of all Dogecoins in circulation is currently a good ten billion US dollars. In addition, a few weeks ago the course was still at zero.
The cryptocurrency, which was originally started as an internet joke, is getting a boost from prominent Twitter messages. Billionaire and Tesla boss Elon Musk has recently commented on Dogecoin several times. The Tesla founder, dubbed "Papa Musk" by his followers, recently tweeted the word "Doge" with a picture of a moon rocket. He then wrote: "Dogecoin is the people's cryptocurrency." In the past few days, other well-known personalities have been added, such as the rapper Snoop Dog or the bassist of the rock band Kiss, Gene Simmons.
The rise of Dogecoin was quick. Recently, digital currency was hardly known to anyone outside of the crypto scene. In terms of market value, however, it is now one of the ten largest digital currencies. The name is based on the English term for dog ("dog"), as the symbol of Dogecoin is the Asian dog species Shibu Ina. This symbol, in turn, was once a fun picture (meme) often used on the Internet.
Dogecoin is derived from the cryptocurrency Litecoin and was originally intended as a parody of Bitcoin. Unlike there, the number of digital coins that can be generated by "mining" is not limited. Users provide computing capacity for encrypting transactions and are rewarded in the corresponding crypto currency. Since the encryption of Dogecoin is simpler, transactions can be processed faster than with Bitcoin or Litecoin.
. (tagsToTranslate) economy (t) cryptocurrencies