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Dogecoin: The joke is currently over $93.38 billion

Dogecoin — the meme currency, is once again making headlines. Dogecoin’s price surged roughly 40% on May 4, according to data from Coin Metrics. The coin reached a market cap of $69 billion, making it the fourth-largest cryptocurrency behind bitcoin, Ethereum and Binance coin. The coin is currently worth about 55 cents, a record high.

Dogecoin hit a new all-time high Friday afternoon, May 7. It now has a market capitalization of about $92 billion following a six-month climb of more than 26,000 per cent.

The ‘DOGE’ is having a year, not just a day. Is Dogecoin going to be the cryptocurrency of the future?

The Hype

The shooting up of Dogecoin is largely contributed by the preeminent support behind it, especially The Musk Effect. The big names behind the huge popularity of Dogecoin are Tesla CEO Elon Musk and Mark Cuban, the owner of the Dallas Mavericks basketball team.

 “The Dogefather SNL May 8,” Musk tweeted in April referring to both the coin and his upcoming appearance hosting “Saturday Night Live.”

“Dogecoin is surging because many cryptocurrency traders do not want to miss out on any buzz that stems from Elon Musk’s hosting of ‘Saturday Night Live,’” wrote Edward Moya, senior market analyst at Oanda, according to reports.

“As long as more companies take doge for products/services, then Doge can be a usable currency because it MAY hold its purchasing value better than a $ in your bank,” Cuban said in a May 2 tweet. “If interest rates skyrocket or the amount spent falls or stagnates, so will Doge. Yes, a joke is now legit.”

Moreover, support from Snoop Dog, rock musician Gene Simmon is driving up the price.

What is Dogecoin? 

Dogecoin is an open-source peer-to-peer digital currency, started off as a meme cryptocurrency linked to an image of a Shiba Inu dog. Shiba Inu dog is a Japanese breed dog that has become popular as an online meme. Dogecoin is now boasting year-to-date gains of more than 14,000% and putting it in the top 10 of the most highly valued digital assets this year.

According to CNBC, Billy Markus and Jackson Palmer, two software engineers, came up with the concept for a kind of “joke” cryptocurrency and swept the internet in 2013. It was started as a satire on the numerous fraud crypto coins that had sprung up at the time.

Bitcoins, whose maximum possible number is fixed at 21 million (a figure that is estimated to be reached by 2040), however, Dogecoin numbers do not have an upper limit, and there are already more than 100 billion in existence.

Concerns around the Cryptocurrency

Cryptocurrencies are considered highly volatile as they don’t possess any intrinsic value such as land or gold. They may crash as fast as they can rise, experts say, making them susceptible to sudden crash as well as manipulation by small groups who often hold large numbers of the virtual currency in circulation.

Indian dispensation responded to developments regarding digital currency

Despite government threats of a ban, cryptocurrency transaction volumes have been rising and about 8 million investors now hold 100 billion rupees ($1.4 billion) in crypto investments.

The Ministry of Corporate Affairs (MCA) has made amendments to rules in the Companies Act, mandating firms to disclose their investments in cryptocurrencies.

Dogecoin and Indian cryptocurrency exchanges

Dogecoin has now reached the Indian cryptocurrency exchanges and is now witnessing record-breaking trading volumes, causing a massive surge in traffic on these platforms.

On Wednesday, Binance-owned WazirX’s Doge/INR trading slowed its system as the platform saw record traffic that it did not have the capacity to support.

Later, #WazirXScam started trending on Twitter, as users complained of unexecuted Doge trades.

Nischal Shetty, founder of WazirX, said The platform is being re-architected to deal with the expected surge on May 8 that could double or triple from Wednesday’s peak, according to reports. 

CoinSwitch Kuber, backed by Sequoia Capital and Tiger Global registered 200% growth in Dogecoin volumes month on month, with a jump of 1300% for Dogecoin in the last two weeks alone.

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