Dogecoin has surged over the past 24 hours on the back of positive crypto news.
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Dogecoin, a cryptocurrency that started as a joke in 2013, has seen a surge in price in recent weeks. The price of Dogecoin has gone up by more than 400% in the last month, and it hit an all-time high on Sunday.
The reason for the surge is largely due to the positive sentiment around cryptocurrency in general. Bitcoin, the most well-known cryptocurrency, has quadrupled in value since October 2020, and other cryptocurrencies have seen similar gains.
Dogecoin’s popularity has also been boosted by social media platforms like Reddit and Twitter. The crypto community on Reddit has been promoting Dogecoin as an alternative to Bitcoin, and some high-profile Twitter users have also been talking about the coin.
The rally in Dogecoin’s price is unlikely to last, but it highlights the current frenzy around cryptocurrency. With Bitcoin surging to new highs and institutional investors showing more interest in crypto, the sector is attracting a lot of attention.
What is Dogecoin?
Dogecoin is a decentralized, peer-to-peer digital currency that allows you to easily send money online. Think of it as “the internet currency.” Dogecoin is used with a wallet on your computer, your smartphone, or a website. You can use it to buy goods and services, or trade it for other currencies (both other cryptocurrencies or traditional currency like US dollars).
One of the most popular uses for Dogecoin is “tipping” fellow internet-goers who create or share great content. Think of it as a more meaningful “like” or upvote, with real value that can be used all across the internet.
Why the recent price surge?
Dogecoin has soared in value by more than 40% in the last 24 hours, adding nearly $4 billion to its market capitalization.
The surge comes after a week of positive news for the cryptocurrency, including Tesla boss Elon Musk tweeting that Dogecoin is “his fav cryptocurrency” and that it is “going to the moon.”
Musk’s tweets have sent Dogecoin prices soaring in the past, and this latest surge comes just days after he announced that Tesla would accept payment in the cryptocurrency.
It is not clear what has caused the latest price surge, but it comes as crypto prices have been rising across the board in recent weeks.
Bitcoin, the largest cryptocurrency by market capitalization, is up more than 60% since January 1st, while Ethereum has surged by more than 80%.
How to buy Dogecoin
If you’re looking to buy Dogecoin, you’ll need to set up a digital wallet. This is where your Dogecoins will be stored, and you can use them to pay for goods and services, or trade them for other cryptocurrencies or fiat currencies (like US dollars).
You can choose from a variety of digital wallets, but we recommend using Coinomi, Exodus, or Jaxx. These wallets are easy to set up and use, and they’re compatible with a variety of devices, including Android and iOS.
Once you have a wallet set up, you’ll need to find a reputable exchange where you can buy Dogecoin. We recommend using Binance, KuCoin, or HitBTC. These exchanges offer a wide variety of trading pairs, so you can easily exchange your Bitcoin or Ethereum for Dogecoin.
Once you have your Dogecoin, you can start using it to pay for goods and services online, or trade it for other cryptocurrencies or fiat currencies on popular exchanges.
Dogecoin has enjoyed a surge in popularity in recent months, due in part to its role as a “meme coin.” However, the altcoin has also seen increased interest from investors and traders looking to capitalize on the crypto market’s recent Bull Run.
Dogecoin’s recent price increase can be attributed to a number of factors, including positive news about the cryptocurrency and increasing demand from buyers. Dogecoin has benefited from positive media coverage, which has helped raise awareness of the altcoin and drive up its price. In addition, the run-up in the price of Bitcoin and other cryptocurrencies has led to increased demand for altcoins like Dogecoin.
As the crypto market continues to heat up, we expect that Dogecoin will continue to see price increases. However, it is important to remember that the cryptocurrency markets are highly volatile, and prices can swing quickly in both directions.