Why Did Dogecoin Hit An All-Time High Today?

Why did dogecoin rise today

The viral cryptocurrency began as a meme eight years ago, but has since reached a market cap above USD $5 billion, becoming the most mentioned cryptocurrency of all time.

Dogecoin was founded in late 2013 by software engineers Billy Markus and Jackson Palmer, appropriating the trending “doge” meme that featured a Shiba inu dog.

The alt-coin, meaning alternative cryptocurrency, was started initially as a joke but became a viral sensation shortly after launching when it rose 300% in value in just three days.

By January 2014, the trading volume of Dogecoin momentarily overtook Bitcoin and all other crypto-currencies combined, despite comprising just a fraction of its market capitalization. Then, in 2015, the creator of the coin Jackson Palmer decided to take a break from the cryptocurrency world, leaving Dogecoin behind in the process.

Since then, the alt-coin has remained relatively stable in value, until late 2020 when a meteoric spike began. This was spurred on by traders on TikTok who sought to revive the meme crypto by creating a Dogecoin trend.

Finally, in 2021, the coin has climbed to new heights, this time brought about by Elon Musk and other celebrities, who have jokingly Tweeted and posted memes about the coin.

Elon’s recurrent memes about Dogecoin are frequently met with a spike in the price of the alt-coin, with his recent Tweets prompting a 35% spike in Dogecoin prices.

The virality of the alt-coin has since reached the likes of Snoop Dogg and Gene Simmons, who have similarly tweeted about the cryptocurrency, with Snoop Dogg simply tagging Elon Musk with a meme of “Snoop Doge.”

Alongside the celebrity endorsements of Dogecoin, the hashtag #DogecoinRise trended on Twitter, with 177,000 mentions of the hashtag at the time of writing.

While some believe the alt-coin is in a bubble that’s about to burst, others are adamant that the coin will eventually reach $1.

Dogecoin boasts some of the lowest transaction fees of any cryptocurrency and is becoming accepted by a growing number of merchants.

About Louis O'Neill 76 Articles
Having received a bachelor’s degree in journalism from Macquarie University, Louis’ writing spans across cultural, social and political issues. Louis' work has been shared in Benzinga, FinFeed, The Green Fund, The Startup, The Quarry Journal, Independent Australia and Online Opinion.