The value of crypto coin Dogecoin has skyrocketed in almost a week. The price of the digital currency was still 0.06 dollars last Sunday. At around 5:30 pm on Friday, a Dogecoin was worth $ 0.38.
With that, Dogecoin has become worth more than six times as much in a week. In the past 24 hours, the share price has increased by about 200 percent. Dogecoin is known, among other things, because the coin is often promoted on Twitter by Tesla CEO Elon Musk. The American entrepreneur Mark Cuban also announced that he “owns doge and will never sell it” on the social medium.
Dogecoin is named after a meme, a type of funny picture that circulates the internet. The 2013 doge meme features a picture of a shiba inu dog, a Japanese breed, with funny lyrics that are deliberately grammatically incorrect. Also, the lyrics are written in a font that is widely hated and ridiculed online.
According to CoinMarketCap, which monitors various platforms on which crypto coins are traded, the total market value of Dogecoin is now about $ 48.5 billion. The total value of all crypto coins together is more than 2.2 trillion dollars or 2210 billion dollars. The crypto market has doubled in value in more than two months.
Well-known stock exchange broker Robinhood is experiencing problems with its crypto trade on Friday, just like Thursday. “Like others, we are dealing with an unprecedented demand,” the company writes on Twitter. Due to the larger volumes, “some crypto transactions may not be executed at the moment”.