DOGEDAY HASHTAGS HELP MEME-BASED CRYPTOCURRENCY HIT NEW HIGH
Dogecoin prices hit an all-time today with a market capitalisation above $50 billion, after social media fans used hashtags to fuel a rally in the meme-based cryptocurrency.
An 8,000 per cent price surge this year has seen Dogecoin, which was launched as a satirical critique of 2013’s cryptocurrency frenzy, overtake more widely-used cryptocurrencies like Tether to become the fifth-largest coin.
While Dogecoin, whose logo features a Shiba Inu dog at the centre of the meme, a represents only a fraction of bitcoin’s $1 trillion value, it can be traded on crypto exchanges and more popular mainstream trading apps.
“The Doge rally represents an interesting convergence,” said Diana Biggs, CEO of crypto start-up Valour, after Dogecoin’s price soared by more than five-fold in the last week to a record $0.42, according to CoinMarketCap.
“A meme coin created as a joke for early crypto adopters whose community found that kind of thing to be fun, with now a new generation of retail investors for whom memes are a native language,” Biggs added.
