Dogecoin Cryptocurrency Is No Longer A Joke

Dogecoin (Coindesk)

JAKARTA - The asset value of Dogecoin (DOGE) has more than doubled in price in the last few days. Many of the factors that underlie the crypto dog image skyrocketed.

Some of them, when DOGE began to be listed on the giant trading platforms of the United States (US) and Israel. In addition, the close timing of Tesla boss Elon Musk is also considered to have contributed to the soaring value of DOGE assets.

If calculated from the beginning of the year, Dogecoin's price jump was more than 14,000 percent. Dogecoin's market capitalization has now reached over US $ 84 billion, the equivalent of Sri Lanka's annual economic output.

"Dogecoin is booming because a lot of these cryptocurrency traders don't want to miss any news coming from Saturday Night Live host Elon Musk." said Edward Moya, a senior analyst at the Oanda trading platform, as quoted by The Guardian.

"Musk is also known as Dogefather, and he will no doubt have a sketch of a cryptocurrency that might go viral for days and further motivate his followers to try to get Dogecoin up to the moon," he said.

Not only Elon Musk, the jump in the value of Dogecoin's assets was also supported by a number of influential people such as Mark Cuban, rapper Snoop Dogg, and Kiss bassist Gene Simmons. As a result, crypto results from mere jokes (memes) of the Japanese dog 'Shiba Inu' are no longer underestimated.

Until this news was written at 14:40 WIB, Dogecoin was trading at Rp. 9,081 on the Indodax crypto trading platform. This proves that the Dogecoin price is experiencing a new surge.

Dogecoin's market capitalization skyrocketed to more than 50 billion US dollars. DOGE managed to overthrow Tether in the top five cryptocurrencies with high market capitalization.

Dogecoin was launched in 2013 as a joke. The crypto money with the Shiba Inu meme dog logo created by Billy Markus and Jack Palmer is now growing rapidly and has high popularity.

It's inevitable pic.twitter.com/eBKnQm6QyF

- Elon Musk (@elonmusk) July 18, 2020

The increase in Dogecoin occurred after the Bitcoin boom had raised the value of the digital currency to a price level of 50,000 US dollars. At that time, the US government provided the third phase of Covid-19 stimulus to revive the global economy that had slumped during the pandemic.

Although the stimulus is intended for assistance from households that are experiencing difficulties. However, economists believe that giving this stimulus helped boost the stock market and crypto assets such as bitcoin and Dogecoin, as richer recipients put the funds from the stimulus into financial investment.

It also comes as traditional fiat currencies, such as the dollar, pound and euro, risk being undermined by record low interest rates from central banks, and billions of dollars' worth of quantitative easing, bond purchases to keep borrowing costs low.