LONDON (Reuters) - Meme-based virtual currency Dogecoin soared on Wednesday to an all-time high, extending its 2021 rally to become the fourth-biggest digital coin. Dogecoin, launched as a satirical critique of 2013's cryptocurrency frenzy, has climbed 41% in the last 24 hours to a record $0.68, according to CoinMarketCap. This year alone it has soared over 14,000%, from $0.00468 on Dec. 31, taking it past more widely used cryptocurrencies such as the Tether stablecoin and XRP to become the fourth-largest by market capitalisation. Dogecoin - whose logo features a Shiba Inu dog at the centre of the meme - remains little used in commerce or payments. Like other digital coins, it is highly volatile and its price is heavily influenced by social media users. On Tuesday, the New York crypto exchange Gemini said it would start letting users trade and custody the token. Some cryptocurrency market players said its volatility was its main draw, with a mixture of retail investors ... » Learn More about Meme-based cryptocurrency Dogecoin soars 40% to all-time high
Battery dog toy
Dogecoin is the name of a cryptocurrency inspired by the Internet's famous Doge meme. Last week, its value rose sharply thanks to the mass effort of stock market dabblers and social media users. Created in Dec 2013 by Billy Markus, an American software engineer, this cryptocurrency today counts a community of some 336,200 people. With the Dogecoin, Billy Markus wanted to have a laugh with his friends, poking fun at other budding cryptocurrencies by making a kind of crypto-meme mashup with the potential to reach out to as many people as the Bitcoin. And with a little Shiba Inu dog as its logo, the cryptocurrency clearly references Doge, one of the Internet's cult memes, dating back to 2003. Peak ridicule achieved. The Dogecoin doesn't really have any economic value, but, as the Cryptoast website explains, it can be used principally as a means of payment for giving tips to content creators on the Internet. On Jan 29 (Friday), the value of Dogecoin rose by over 264%, reaching ... » Learn More about Is Dogecoin a joke cryptocurrency?