In 2013 Dogecoin, the Shibu Inu-themed cryptocurrency began as a joke. In 2021, it surpasses its rivals, Bitcoin and Ether in cryptocurrency market. Dogecoin achieved the sixth biggest market value. According to CoinGecko pricing, this week Dogecoin has advanced by 24 percent beating its established competitors. Bitcoin grew 6.2 percent while Ether 14.9 percent at the same time.
Experts are of opinion that the major reason behind the success of Dogecoin is the World’s third richest man Elon Musk. His frequent tweets regarding cryptocurrency led to a volatility in the market. His shared memes on his personal twitter handle raised the price of cryptocurrencies, Bitcoin and Dogecoin a multiple times. The Bitcoin community have often been made disturbed by the world’s third richest man, through his U turn on accepting Bitcoin as a payment and a tweet that suggest spilt with the biggest cryptocurrency. The Dogecoin community actively stayed with him. “If anyone has a problem with Elon they will have to go through the #DogeArmy first,” a twitter user mocked.
Dogecoin is settling itself noticeably on mobile userbase. The Coinbase Android and iOS apps are making the cryptocurrency quite accessible. In all its internet notoriety, the cryptocurrency is more than 14,000 percent as compared to the past years.
Cryptocurrency experts suggests that Dogecoin recent success is an interesting case study in the power of retail traders and the replicative potential of memes in the world where Federal Reserve and other Central banks are practicing relatively loose monetary policies to try to overcome COVID 19 economic damage.
Edward Moya, a senior market analysts said, “This Dogecoin bounce comes during a period where the crypto-verse is seeing a consolidation of positions.” He further added that the coin base development is bolstering the price of cryptocurrency, “So we should not be surprised if this recent surge fizzles, or if it makes another attempt at the moon.”