“The DOGE memcoin really surprised me.. It has superlong lasting power.
I thought it should have been gone a long time ago, but Elon Musk grabbed hold of it and may have prolonged its life,” Zhao said.
The cryptocurrency Dogecoin appeared in 2013 as a meme dedicated to the shiba-inu dog and became a joke alternative to bitcoin.
Thanks to the activity of the community, the coin has achieved great popularity – now DOGE is one of the ten leading cryptocurrencies, and its market capitalization amounts to about $10.2 billion.
Indeed, DOGE’s growing popularity has been fueled by widespread celebrity support, including that of Ilon Musk.
He first mentioned DOGE in 2019, tweeting that Dogecoin could become his favorite cryptocurrency.
Since then, Musk has repeatedly posted tweets about DOGE, calling it “the people’s cryptocurrency,” which has thrown the coin’s exchange rate up.
In early April, as the owner of Twitter, Musk suddenly changed the logo of the social network to the Dogecoin logo, which caused the DOGE exchange rate to skyrocket.
A few days later, however, the coin dropped in value as Twitter reverted to its previous logo.