Author Topic: 1115% growth in three days. What is the secret of Dogecoin? (Read 1186 times)

Switchere_official · « **on:** February 26, 2021, 12:32:21 PM »

In February, Elon Musk’s favorite cryptocurrency became really popular. Here is a column about the altcoin meme’s journey from being a joke to billion-dollar capitalization project.

In 2013, the first bitcoin bull market occurred — it crossed the $130 mark and moved into an active growth phase, exceeding $1100 in a few months. The cryptocurrency sphere was becoming more and more popular. At the same time, two programmers — Billy Marcus from IBM and Jackson Palmer from Adobe — turned their attention to it. Palmer jokingly created the cryptocurrency Dogecoin, and Marcus joined him a few days after registering the domain Dogecoin.com.

The altcoin was issued on the Litecoin blockchain, making its issuance unlimited. Dogecoin immediately gained a community on the wave of cryptocurrency hype — only a month after its launch, Dogecoin.com was visited by more than a million people.

Reddit played no small role in the spread of the asset. Its users began to use the token for donations — coins were cheap, as well as transaction fees. The cryptocurrency was also used to fund the Jamaican bobsleigh team. Its performance at Sochi Olympics in 2014 was in jeopardy, and some of the funds were raised in the form of donations in Dogecoin.
This is not the only appearance of cryptocurrency in the world of sports. For example, in 2014, the community raised over $50,000 and placed an altcoin logo on a NASCAR racing series car.

The community is a distinctive feature of the project. This case occurred at the dawn of its inception, in December 2013. Then hackers stole almost all the coins from the Dogewallet platform. To help the affected customers of the platform, a fundraiser called “SaveDogemas” was organized. After a month, the amount of donations was enough to cover all the losses.

Elon Musk’s interest

In April 2019, the project conducted a mock poll on its Twitter, asking users to choose a new CEO. Among the contenders were Ethereum creator Vitalik Buterin, Litecoin founder Charlie Lee, Tesla and SpaceX head Elon Musk, and Metal startup CEO Marshall Hayner. Musk won almost half of the votes and was solemnly announced as the new head of Dogecoin.

“Dogecoin might be my favorite cryptocurrency. It’s very cool,” Musk wrote at the time. After that, he called himself the former CEO of the altcoin and published several joking tweets about it. However, businessman began to actively promote the asset almost two years later — at the beginning of 2021.

Dogecoin’s multiple growth in 2021

At the end of January, altcoin quotes rose 1115% in three days — it was trading at $0.007 on January 27 and set a historical high of $0.087 on the 29th. This growth was caused by the movement of WallStreetBets, which influenced the “pamp” shares of various companies, including Gamestop, a chain of video game stores.

Dogecoin’s first spike in quotes this year came after Twitter user WSB Chairman (938,000 followers) wrote about the cryptocurrency. He noted that a lot of people are talking about Dogecoin and asked what kind of asset it is.

However the growth turned out to be short-lived. Immediately after the price set a historical high of $0.087, there was a “dump”, the next day it fell almost 4 times, to $0.022. The cryptocurrency began to recover in February amid a slew of reports about it from Elon Musk.

On February 7, quotes of the asset on the crypto exchange Currency.com reached an all-time high above $0.089, after which it went into a decline phase again. As of February 24, the asset is trading at $0.052.

Altcoins Talks - Cryptocurrency Forum · « **on:** February 26, 2021, 12:32:21 PM »

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youdacapt · « **Reply #1 on:** February 26, 2021, 01:45:21 PM »

No secrets about dogecoin, neither is there any peculiar characteristics about it; people fomoed and rushed to buy dogecoin after it was shilled severally by Musk and different exchange platforms. it was also crosschained to bsc chain to enable staking and farming sorts to push the price.

doge is literally a dump and pump token

Freemind · « **Reply #2 on:** February 26, 2021, 01:53:37 PM »

Doge has no secrets. It's actually just a coin that was born from a meme and is used for pump and dump. What happened a few days ago is just a series of tweets from a man with many millions who thought he could buy Doge's entire supply until he realized that he can't because there are people who are not willing to sell. They are not secrets or magic.

Carbitcoin · « **Reply #3 on:** February 26, 2021, 02:33:44 PM »

The fact is that before dоge coin, even before this price jump, it had a fairly good reputation and proved its worth almost from the time of its creation. I believe that dоge coin actually has quite big prospects in the future, and Elon Musk's tweets only pushed him up, setting a good pace.

kulkhan · « **Reply #4 on:** February 26, 2021, 05:43:25 PM »

Doge Price was very Low Few Deys Ago. When Elon Musk Promote It and Regular Tweeted About Doge Then It’s Price Pumped Huge. And Many Investors Invested On Doge. I Think Elon Musk Also Invested Big Amount On Doge. I Think Alon Musk is Owner of Doge Coin and It Is Secret Metre For Big Pump. End Of The Day I Told Doge is Best Coin. And It’s Future will Good.

Fivestar4everMVP · « **Reply #5 on:** February 26, 2021, 09:40:47 PM »

I don't see anything secretly driving the price of dogecoin other than hype and fear of losing out which is for short called fomo, we all know how Mr musk have been shilling dogecoin to the crypto community and everyone have been buying into it, so for sure, that's what is driving the price and we should not be surprised when the price will drop heavily cus Mr musk have finished selling he's bag and can't shill doge no more.

H2O · « **Reply #6 on:** February 27, 2021, 12:54:54 AM »

Nothing secret, only the tweet and meme holding of Dogecoin logo on hand of Elon musk. I think it's a technical tricks of Elon musk because before tweeting, elon musk already invested dogecoin. After tweeting the price above more than 1000% increases ,then he sold all his doge.

Altcoins Talks - Cryptocurrency Forum · « **Reply #6 on:** February 27, 2021, 12:54:54 AM »

mahid · « **Reply #7 on:** February 27, 2021, 05:08:18 AM »

I think it is a trading technique by applying the technique Elon musk get more profit. He knows that if he tweets then definitely the price go to the moon or he make good profit also. Elon Musk also tweets about Safepal coin which is also increased certain time but that is decreasing now.

sergeybobrov · « **Reply #8 on:** February 27, 2021, 05:19:13 PM »

I think Dogecoin showed good growth even without the support of Elon Musk, since the growth began when many altcoins began to grow. Perhaps without tweets, it would have grown less, but it still grew as many people love this coin.

Freemind · « **Reply #9 on:** February 27, 2021, 05:22:31 PM »

It's called FOMO and it works very simply. Someone famous, in this case Elon Musk, talks about Doge, and people who follow Elon Musk believe that Doge is going to reach another galaxy when in reality Doge is nothing more than a meme, created for pump and dump. I would like to know how many people have suffered losses, not knowing when they will be able to recover their funds. If they're lucky, maybe the next pump.

Muneeb22 · « **Reply #10 on:** February 28, 2021, 08:14:48 AM »

Elon make a tweet and that is the main reason which increase the value of the Dogecoin. Dogecoin is a good coin and it go high more and more in future.

Leocaspis · « **Reply #11 on:** February 28, 2021, 11:59:46 AM »

There are no secrets about dog coins, and the price growth rate is very high even in comparison with Bitcoin. The dog coin has its own course and its price signals, and in my opinion this is a profitable coin for investment.