However, Dogecoin is more attractive to an investor. The cryptocurrency soared 30% on Monday and Tuesday, also managing to position itself in the top 10 cryptocurrencies with the largest market capitalization with another 30% rise. It started as a joke about this asset class and was created by software engineers Billy Markus and Jackson Palmer in late 2013. In 2021, the world’s richest person, Elon Musk, gave DOGE a boost on Twitter after which the price of the token skyrocketed.
“A lot of people I talk to on the production lines at Tesla or building rockets at SpaceX have DOGE. They’re not financial experts or Silicon Valley techies. That’s why I decided to support DOGE. It seemed like the people’s cryptocurrency to me,” he said. Musk.
Musk said that he personally owns three cryptocurrencies: Bitcoin, Ethereum and Dogecoin. Every time you tweet about DOGE, the price tends to go up. When Time magazine chose Musk as the person of the year for 2021, the price also went up.
The beginning of 2022 was difficult for cryptocurrencies. It is that most of these assets continue to correct from the highs recorded by Bitcoin and Ethereum on November 10, 2021.
Since the beginning of the year, this cryptocurrency maintains the downward trend. On February 8, the DOGE was trading at less than a quarter of the level reached in May. However, its market capitalization still places it among the top 10 cryptocurrencies in the asset class.
Source: Ambito
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