As the world is witnessing the rampage of coronavirus, Dogecoin has managed to become a force to reckon with. It recorded its highest ever value yet on Friday morning and netizens can’t keep calm over its spectacular rise.
The virtual currency soared more than 100 per cent to hit an all-time high of $0.298 on Friday morning, according to cryptocurrency news and data provider Coin desk.
Dogecoin, a form of cryptocurrency, was created as a joke in 2013. When software engineers Billy Markus and Jackson Palmer led to its inception, they never thought how big it would go on to become eight years later
The digital currency was inspired by a viral dog meme, and like Bitcoin, it offers recourse to the inadequacies of traditional banking systems
Dogecoin's mascot is a photograph of a Shiba Inu from a popular internet meme. However, Dogecoin gained popularity over time and attracted a large number of supporters.
Elon Musk is the most well-known of them all, having been a strong supporter of cryptocurrency since its creation in 2019. Artists, tech giants, and social media influencers soon joined him in his belief in Dogecoin's potential.
Musk tweeted, “Doge barking at the moon”, with a picture.
Here is how netizens expressed their excitement:
Musk and others claim Dogecoin is just getting started on its upward rise but the mainstream acceptance of the currency remains a challenge. Companies like Tesla and the NBA have started to embrace Bitcoin, but there are still concerns about the long-term viability of digital currencies.