On Saturday (October 29), trading volume of popular meme-based cryptocurrency $DOGE exploded to over $500 million in the past 24-hour period as the coin surged over 65% to become the 8th most valuable cryptoasset by market cap.
Dogecoin was initially released on 6 December 2013, as a “fun and friendly internet currency.” It was created by Billy Markus and Jackson Palmer. It is “a decentralized, peer-to-peer digital currency” that has as its mascot “Doge”, a Shiba Inu (a Japanese breed of dog).
Since then, its popularity has substantially increased, especially in the past couple of years, mostly thanks to support by billionaires Elon Musk (the CEO of Tesla and SpaceX) and Mark Cuban, to the point that it is currently the eight most valuable cryptocurrency, with a reported market cap of over $19 billion. In fact, in 2019, Musk said that $DOGE might be his favorite cryptocurrency.
According to data by TradingView, on Coinbase, currently (as of 5:40 p.m. on UTC on October 29), $DOGE is trading around $0.1434, which is a gain of 65.78% in the past 24-hour period.
Late on Thursday (October 27), Dogecoin fan Elon Musk completed his purchase of Twitter.
The reason that Dogecoin is pumping so hard is that many Dogecoin fans expect Musk to introduce new use cases for $DOGE within the Twitter app and/or the mysterious upcoming “everything app” X, which he tweeted about on 4 October 2022, just like he has
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