DOGECOIN cryptocurrency has been on the rise recently, after a period of sustained decreases. The coin has fallen by 2.43 percent in the last 24 hours as of 3.16pm BST on October 15. Dogecoin has spiked in recent weeks stoking fears of a cryptocurrency bubble.
Dogecoin is an open-source peer-to-peer cryptocurrency that was featured in a meme shared by Elon Musk. Investors in the meme coin have seen massive changes in the value of the digital coin in recent days. The SpaceX CEO shared an updated picture of his Shiba Inu puppy named Floki which had a positive surge impact on the coin's value.
Dogecoin is an open-source peer-to-peer cryptocurrency that was featured in a meme shared by Elon Musk. Investors in the meme coin have seen massive changes in the value of the digital coin in recent days. The SpaceX CEO shared an updated picture of his Shiba Inu puppy named Floki which had a positive surge impact on the coin's value.
He told Express.co.uk: “The resurgence in attention to Dogecoin, which was originally launched as a parody currency, may seem attractive to investors due to its volatility but for the currency to ever have intrinsic value, scalability and security issues need to be addressed.
“It's moved by headlines, tweets, celebrity, or corporate endorsements and while that’s likely belittled by “traditional” investors, it’s what brings the masses to cryptocurrencies.
“The masses understand headlines, tweets, and endorsements and the masses will likely mature as crypto enthusiasts and begin to appreciate the movement for its more technical nuances.
“However, the main driver behind Dogecoin’s popularity is its online communities, coupled with support from high-profile business magnates like Elon Musk.”