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- South African–born American entrepreneur
Dogecoin (pronounced with a long "o" and a soft "g") is known as a meme crypto. It was inspired by the Shiba Inu dog in the “doge” internet meme.
The coin can be used for payments similar to Bitcoin (BTC-USD), however its value is fractional in comparison. At the beginning of 2021, the coin was worth less than $0.005 (less than 1 penny). By May of this year, it rose to a high of 63 cents, and its all time high is a little more than 73 cents.
And while old-school financial professionals are still dismissive of the currency, Doge currently holds a market cap of around $26 Billion.
In January 2021, the coin spiked more than 800% after Reddit users focused on the cryptocurrency. Shortly afterwards, billionaire Elon Musk began tweeting about doge frequently.
In February Musk posted a picture of Doge on the moon, with the caption: “literally.” The coin rose 20% immediately following the tweet.
For a while, WSB members loved Musk's commentary around the coin - like the time he tweeted he bought Dogecoin for his son. However, the billionaire's appearance on "Saturday Night Live" was the turning point for the rally — and soon after, Musk's controversial walking back of his support for bitcoin helped light the fuse on a broad-based crypto rout that dragged on for weeks.
Meanwhile, dogecoin's soaring popularity has added to the already scorching demand for dogs during COVID-19.
The meme coin "brought something to the forefront," Sandie Rolenaitis, a Shiba Inu breeder, told Yahoo Finance in an interview last month. She noted the dog breed was "best kept secret" and the breed "raised in popularity a lot" because of the interest in the meme coin.
Who accepts Dogecoin? As for right now, not too many places. However, Burger King Brazil just announced it would take 3 Doge for one of its dog treats called Dogpper. It may be more for publicity than a trend.
Ines covers the U.S. stock market. Follow her on Twitter at @ines_ferre