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•Dogecoin multiplied its worth by 130 times in just a year.
•Market cap on par with that of BNP Paribas and France’s largest bank.
• DOGE’s value appreciates soon after Musk tweets about it.
In a recent appearance at the Saturday Night Live Show hosted by NBC, Elon Musk bought up dogecoin. The cryptocurrency that Musk, the multi-millionaire and founder of Tesla, is particularly fond of dogecoin, was initially launched as a meme cryptocurrency.
Dogecoin Started Initially as a Joke and now has a Market Capital of $80 Billion
As per Coindesk, the crypto-backed by Musk has multiplied its worth by 130 times in just a year. Currently, the value of a single DOGE token stands at $0.528105 and is down by almost 25% in the last 24 hours. The market capitalization is $63.88 billion. In a recent, Weekend Update, Elon Musk explained the nuts and bolts of cryptocurrency to the NBC Show’s audience upon being asked, ‘What is Dogecoin’ by the host. A cryptocurrency that merely started as a joke had crossed the mark of $80 billion in terms of market capitalization.
Musk Hasn’t put any Massive Investment on Dogecoin yet
However, many spikes in dogecoin’s value have been solely credited to the ‘The Dogefather’, Elon Musk. It has been noticed that there is a sharp spike in DOGE’s value soon after Musk tweets about it. In April, Musk tweeted that SpaceX will put a literal Dogecoin on the literal moon. Soon after, the value of dogecoin was appreciated by a whopping 32%.
In a recent tweet by Musk, he has advised people to invest with caution, and it is quite noticeable that Tesla hasn’t put any appreciable amount of money on the company, unlike his $1.5 billion investment in Bitcoin. Currently, this meme cryptocurrency market capitalization is on par with that of BNP Paribas and France’s largest bank. However, a few organizations accept it in the form of payments. However, NBA team Dallas Mavericks accept dogecoin in exchange for their merchandise.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
