Dogecoin has Risen 400 Percent in the Last Week Because Why Not
upstart writes in with an IRC submission:
Dogecoin has risen 400 percent in the last week because why not:
Understanding the value of cryptocurrencies is never easy, and it's especially hard for Dogecoin, which was created as a joke. Dogecoin isn't known for any particular technology innovations and doesn't seem to have many practical applications.
What Dogecoin does have going for it, however, is memorable branding and an enthusiastic community of fans. And in 2021, that counts for a lot.
[...] Tesla CEO Elon Musk may have also played an important role in Dogecoin's ascendancy. Musk has periodically tweeted about the cryptocurrency, and those tweets are frequently followed by rallies in Dogecoin's price. Late on Wednesday night, Musk tweeted out this image:[*]
[...] Dogecoin's price tripled over the next 36 hours.
[...] People are trading Dogecoin because it's fun to trade and because they think they might make money from it. The rising price is a sign that a lot of people have decided it would be fun to speculate in Dogecoin.
[*] image.
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