Dogecoin currency witnesses another surge doubling in value. Do you think that it is the right time to invest in this digital coin? It is with no doubt that this asset is taking the attention of many investors and academe. Dogecoin has been trending on social platforms such as Twitter. Keep in mind that the plan to send the coin $1 for Doge Day fell flat last month.
Elon Musk, Tesla CEO, promoted the surge of the coin after his supportive tweets. Different internet forums also participated in making Dogecoin gain mainstream. Where did you hear or read about this virtual asset? On Tuesday, it surged, hitting 56p.
In 2021, Dogecoin has gained value by over 22,000pc. The value of the total coins in circulation, for now, is about 38b pounds. From the statistics, you will agree that the virtual product is getting massive acceptance. Are you ready for the risk?
Early in February, the coin caught the attention of the Reddit community. That is after they turned their focus to cryptocurrency. The digital coin achieved a stratospheric rise in GameStop shares. However, the video game retailer has since slowed down dramatically.
Also read:What is Dogecoin? And how can you hold some?
Dogecoin is a digital asset, similar to Bitcoin. However, this asset is far less persuasive compared to BTC. Coinbase stated that the coin started jokingly looking like a widespread internet meme.
Keep in mind that the currency has been around since 2013, after a launch by IBM and Adobe software engineers. However, the coin is almost 30 times lesser than BTC.
Why Is Dogecoin Surging
You cannot deny that Dogecoin is among the hot products attracting cryptocurrency enthusiasts looking for quick returns.
Various factors contribute to the surging of this particular coin. For example, the virtual asset has multiple opportunities allowing investors to make quick returns.
Social media platforms and internet forums also made Dogecoin prominent. CEO Musk’s tweets have also supercharged the coin’s surge.
How to Purchase Dogecoin
You can access Dogecoin in large crypto exchanges such as Kraken and Binance. Only a few brokerages have Dogecoin in their offerings. In the US, Robinhood, a free stock exchange, supports this virtual asset.
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