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Dogecoin: The most talked about cryptocurrency

  • The cryptocurrency was created for laughs, serves no purpose, and is now worth more than Western Union or Under Armour

  • After series of tweets from Tesla CEO Elon Musk and rapper Snoop Dogg, the cryptocurrency Dogecoin, which started as a joke, topped $10 billion in market value

How do you pronounce “dogecoin”?

  • According to the co-founder Billy Markus, the correct pronunciation is “dohj coin.”

  • Some prefer pronounce the first syllable like “dog” or “doggy.”

  • The Shiba Inu-themed cryptocurrency rose to all-time high price after US billionaire Elon Musk tweeted, “Who let the Doge out.” This was the second time in the last one week when Musk posted about Dogecoin on Twitter that led to its growth among other cryptocurrencies. The open-source digital currency is amongst a list of alternatives to Bitcoin.

  • Over 128 billion Dogecoin units are already in circulation.

What is Dogecoin?

  • Introduced back in December 2013 as a joke, Dogecoin has so far been a lesser known cryptocurrency when compared with Bitcoin, Ethereum, or Litecoin.

  • It was developed by IBM software engineer Billy Markus and Adobe engineer Jackson Palmer as a new decentralised cryptocurrency for peer-to-peer transactions.

  • Instead of choosing a fancy currency symbol, Markus and Palmer decided to go with Japanese dog breed Shiba Inu as the branding for Dogecoin, which was already very popular online because of the “Doge” meme. The odd branding, however, provided some distinction over other cryptocurrencies.

Why is it in the news?

  • Shortly after supporting Bitcoin, Elon Musk moved to Dogecoin. He initially tweeted “Doge” followed by saying, “Dogecoin is the people's crypto.”

  • That led to over 50 percent growth in the cryptocurrency and brought it to the headlines across leading media outlets. Tesla and SpaceX CEO Musk once again tweeted about Dogecoin on Monday.

  • This time, the coin reached its record growth of crossing 8 cents (about Rs. 6).

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