Dogecoin has been absolutely exploding lately. The cryptocurrency, which started out as a meme, reached an all-time high of $0.69 today (nice). A recent interview has revealed that one of the cryptocurrency’s co-creators sold all of his crypto back in 2015, long before Dogecoin was worth anything.
In an interview with Benzinga, Dogecoin’s co-creator, Billy Markus, told reporters that he sold all of his crypto holdings back in 2015 for “about as much as it would cost to buy a used Honda Civic,” which was right around $10,000. At the time of his sale, Dogecoin was worth about $0.0002.
Today, Dogecoin has leveled out in the mid 60 cents range. The puts the coin’s market cap at right around $80 billion. For a bit of comparison, Honda’s market cap is right around $55 billion.
Cryptocurrencies in general have seen a pretty incredible boom during 2021, but Dogecoin is currently standing out more than the rest. The coin has seen almost 9,000% growth so far this year.
One of the things that drive the rising price of Dogecoin is the fact that it is a meme. The coin has become incredibly popular on Twitter, with the likes of Elon Musk supporting and buying into the coin. Musk is scheduled to host Saturday Night Live this weekend, and many experts are saying that this is helping the coin’s current surge.
One thing is for certain: This incredible rise in popularity for Dogecoin just goes to show how incredibly powerful social media is. The rise in valuation of the coin can be almost unilaterally tied to the meme coin’s popularity on social media sites like Twitter and Instagram. It will be interesting to see where Dogecoin goes from here.
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