Elon Musk’s favourite crypto, Dogecoin, gains 635% within a day

Dogecoin is defying all odds, even with the bullish trend prevailing in the crypto-verse amid strong buying pressure by an army of retail investors.

As at press time, Dogecoin traded at $0.056820 with a daily trading volume of $17.4 billion. It is up 634.5% for the day.

  • Dogecoin’s creators envisaged it as a fun, light-hearted cryptocurrency that would have greater appeal beyond the core flagship crypto’s audience since it was based on a dog meme.
  • Tesla CEO, Elon Musk, had many times on social media stated that Dogecoin is his favourite crypto.

It’s inevitable

Crypto traders and global investors are rushing to have a stake in this fast-growing crypto, on the account that it has the unique endorsement of the world’s richest individual presently worth $199 billion.

What you should know: The tenth most valuable crypto has a market value of $7.3 billion. It presently has a circulating supply of 128,136,378,598 DOGE coins, and the maximum supply is not available.

Dogecoin (DOGE) is based on the popular “Doge” internet meme and features a Shiba Inu on its logo.

  • The open-source crypto was invented by an American known as Billy Markus and an Australian identified as Jackson Palmer. The crypto asset was forked from Litecoin in December 2013.
  • This fast-rising crypto is being primarily used as a tipping system on popular social media platforms like Twitter and Reddit in order to reward the creation or sharing of quality content.
  • Crypto exchanges presently having Dogecoin listed include YoBit, BitAsset, Binance, Huobi Global.


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