“Dogecoin spikes 300% in a week, stoking fears of a cryptocurrency bubble”
April 16, 2021
“Dogecoin started out as a joke. Now it’s a top-10 digital currency worth $34 billion. The cryptocurrency is based on the “Doge” meme, which rose to popularity in late 2013. The meme portrays a Shiba Inu dog alongside nonsensical phrases in multicolored, Comic Sans-font text.
Created in 2013 by software engineers Billy Markus and Jackson Palmer, dogecoin was intended to be used as a faster but “fun” alternative to bitcoin. It has since found a growing community online. And now, defying all odds, dogecoin has a total market value of $34 billion, according to crypto market data site CoinGecko, adding about $19.9 billion in the last 24 hours. The digital token reached an all-time high above 28 cents Friday morning, more than doubling in price from a day ago…”
All these cryptocurrencies are gaining in popularity partly because people are hedging their bets against the dollar. It’s just one more way to protect your assets if there is a market crash or a collapse of the dollar.