An unexpected turn of events happened in the cryptocurrency world as Dogecoin saw more than a 20 percent rise in its value over the past few days after a cryptic tweet by SpaceX CEO Elon Musk.
Dogecoin started as a meme in 2013, and it has since risen to be one of the market's valued cryptocurrencies to date.
Dogecoin Price in the Cryptocurrency Market
According to Forbes, Dogecoin saw a rise in its value by 25 percent on Tuesday, and on the same day at 2 PM, it was trading at around 9 cents per coin. The crypto money's highest price point was at 35 percent after a massive mid-day surge.
Besides that, major cryptocurrencies like Bitcoin and Ethereum have also seen their value rise to an all-time high, with Bitcoin valued at $63,000. The publication believes that the cryptocurrency surge is high because of major banks using Bitcoin and Ethereum as a form of payment, including Tesla and PayPal.
Newsweek reported that the massive spike for Dogecoin came after the tweet from SpaceX CEO Elon Musk, saying "...going to moon very soon." Musk did not specify which cryptocurrency was being referenced, but Dogecoin had a massive increase in value after the tweet that soared to $0.078.
… going to moon very soon
— Elon Musk (@elonmusk) April 10, 2021
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The news site added that Reddit users had several posts on the social media platform following the recent rise of Dogecoin, telling others that they should not sell their tokens just yet since cryptocurrency is still rising. One Redditor posted that the value of Dogecoin should be taken to the moon, as a reference to Musk's Twitter post.
@elonmusk we need you! Give Elon all you got! I swear I’ll buy a new Tesla if we can get doge to $1! #dogecoin pic.twitter.com/lCiQQcEAJY
— Giuseppe Mancuso (@littleragu54) April 13, 2021
Elon Musk when he sees Dogecoin is on it’s way to another all time high! 😃 pic.twitter.com/ZzWV3PtY2k
— Matt Wallace (@MattWallace888) April 12, 2021
#dogecoin Thank you Elon Musk. Thank you to your family pic.twitter.com/NNfjYJzWTt
— Dogecoin-zxtz (@dAxWDzwnSiiAczc) April 13, 2021
Dogecoin creator Billy Markus previously told the publication that it is beneficial to have Musk as a supporter of cryptocurrency. With that said, it would be cool if Musk can send Dogecoin to the moon on one of his rockets.
SpaceX is going to put a literal Dogecoin on the literal moon
— Elon Musk (@elonmusk) April 1, 2021
According to MSN, the rise of Dogecoin value is the culmination of a semi-ironic movement that involved thousands of buyers and thousands of propaganda online, posting Dogecoin memes daily.
It noted that in January 2021, Dogecoin is valued only less than a cent. However, with both GameStop and Dogecoin hitting their stride, the cryptocurrency value soared to 7.5 cents before going back to 2.5 cents.
What Is Dogecoin?
Dogecoin is a cryptocurrency that started as a joke in 2013 and is referred to as memecoin. Like Bitcoin and Ethereum, it can be mined using computer power to process transactions by other people and vice versa.
Mining cryptocurrencies from the PC requires a vast knowledge of computer hardware. However, there is an article online that thoroughly explains how people can mine Dogecoin. Click here to visit the website.
How to Buy Dogecoin
According to Newsweek, there are number of ways to buy Dogecoin. Cryptocurrency exchanges such as Binance, Kraken, Bittrex are good starter apps people can try out. These three mentioned apps require an account for users to access it. They would want to set up an account by registering to its respective homepages.
There, users will have to enter their personal email address and a password. Once a user's account has been set up, they can now purchase Dogecoin and other cryptocurrencies available at the market like Bitcoin and Ethereum. Purchasing cryptocurrencies at the apps requires payment method options such as cash, credit or debit card, as well as back transfers.
