As Bitcoin Slows Down, Dogecoin¡¯s Value Rises By 80% In Last few Hours

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.

Reuters

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.

Wikipedia

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.

Twitter

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.