Throughout December and January, we saw Bitcoin rise to new heights, touching a valuation of over $35,000.?
But since the past week or so Bitcoin has been losing steam, and now it¡¯s at around $31,000, which isn¡¯t bad by any means, but it isn¡¯t showing signs of an exponential rise like it did a few weeks back.
This might make many Bitcoin owners a bit disappointed. However, not all cryptocurrencies are on a downward trajectory, some are even going as high as 80 percent over their previous value.
The cryptocurrency we¡¯re talking about here is Dogecoin and in case this name sounds familiar, you¡¯re right, the coin is actually named after a meme of ¡®Doge¡¯ shiba dogs that are prominently found in Japan.?
The cryptocurrency was created by software engineers Billy Markus and Jackson Palmer, who made this as a joke -- a fun way to circumvent traditional banking fees in the year 2013.?
Reports have revealed that Dogecoin has spiked up 80 percent while also seeing an exponential increase in trading volume -- over 800 percent. Dogecoin hit $0.0138 on January 28. Yes, this barely comes to one cent, but it¡¯s been a crazy spike nonetheless. To put things into perspective Dogecoin was at $0.0047 during December 31, 2020.
The gains also saw a sudden increase in interest on social media platforms with reports highlighting activity on Twitter spiking by 300 percent and it¡¯s showing no signs of slowing down. Even hashtags #dogecoin and #dogecoininto1dollar has been trending on Twitter in the US. Last month, even Musk promoted Dogecoin on Twitter when Bitcoin was on a rise.?
People on social media are asking people who own Dogecoin to hold on its leash and are waiting for its value to touch $1, although it might take the shiba-inspired cryptocurrency some time to reach there.