Tesla CEO and well-known businessman Elon Musk said that if dogecoin currency holders sell their coins, it is ready to give them full support. After Musk’s tweet, the price of this cryptocurrency has also increased significantly. Currently, more than 128 billion dogecoins are in circulation.
Originally dogecoin is the cryptocurrency invented by Jackson Palmer and Billy Marcus, who decided to build it for a peer-to-peer transaction system. They choose Shiba Inu, a Japanese dog, instead of choosing any fancy symbol for dogecoin, and it was already popular on the network, which further helped gain fame.
According to Musk’s statement, “Dogecoin people are crypto and have also bought some coins for their nine-month-old son, and after this statement, dogecoin has risen to 50% in just 24 hours.
He also stated that the dogecoin people are crypto in subsequent tweets, and “there is no high, no low only doge.”
Tesla announced last week that they had invested approximately $ 1.5 billion in bitcoin cryptocurrency, which is the main reason behind rising bitcoin prices, and that the announcement price is responsible for the bitcoin price increase.
Musk also announced that Tesla is requesting to accept bitcoin to buy the car.
Let us understand more about dogecoin:
In earlier times, it was not as successful as bitcoin or ethereum. However, with 72 hours of Dogecoin launching, a 300% increase has been observed. For instance, for Litcoin and Luckycoin, Dogecoin works on password-based technology, making it different from bitcoin, and dogecoin uses the SHA-256 encryption technology.
Interestingly, the person who brought this Dogecoin into Limelight is a big supporter of bitcoin. He said that he delayed supporting cryptocurrency and saw a tremendous increase in bitcoin price.
If we talk about dogecoin’s current price, its value is equal to the US $ 0.071 and INR 5.21 in Indian rupees. Dogecoin has seen a 17% increase in value, although it is much lower than other cryptocurrencies such as bitcoin and Ethylum.
Like any other cryptocurrency, one can purchase it through a wallet or online platform.