The market capitalization of the virtual currency 'Dogecoin' from the net meme exceeds about 4.6 trillion yen, soaring about 6 times in just 4 days


by

Aranami

In the second week of April 2021, the price of the virtual currency ' Dogecoin ' born from the net meme 'Doge ' based on the picture of the glaring Shiba Inu soared to a market capitalization of over 4.6 trillion yen. It has been reported.

Dogecoin has risen 400 percent in the last week because why not | Ars Technica
https://arstechnica.com/tech-policy/2021/04/dogecoin-has-risen-400-percent-in-the-last-week-because-why-not/

Born as a joke currency based on net memes, Dogecoin is supported by some internet communities such as the bulletin board site Reddit and the live game distribution site Twitch. It is said that it is especially difficult to predict price movements of Dogecoin among virtual currencies where prices fluctuate sharply because the price is greatly affected by the movement of the Internet.

In fact, in January 2021, the price of Dogecoin soared as a result of Reddit users who targeted short-selling hedge funds calling for them to buy Dogecoin. Furthermore, in February of the same year, the price rose further when Tesla and SpaceX founder Elon Musk mentioned Dogecoin. In early January, it jumped from $ 0.005 per Dogecoin to $ 0.07.

Elon Musk mentions Shiba Inu's virtual currency 'Dogecoin' made with jokes, and the price rises at a stretch --GIGAZINE



In addition, Mr. Musk tweeted to April Fool's Day on April 1, 2021, 'SpaceX will literally bring Dogecoin to the moon.'



And on Wednesday, April 15, 2021, Mr. Musk tweeted, 'Doge is barking at the moon.'



Checking the price fluctuations of Dogecoin during the week from April 12, 2021 to April 19, 2021 on Coindesk , a news site related to virtual currencies, looks like this. As of April 12 (Japan time), 1 Dogecoin = about $ 0.07 ...



The price gradually increased until April 14, and 1 Dogecoin = about 0.14 dollars (about 15 yen).



And the price of Dogecoin has skyrocketed since Mr. Musk tweeted on April 15. It peaked on the night of April 16th, and 1 Dogecoin = $ 0.43 (about 47 yen). The price has soared to about 6 times that of the 12th of the same month.



After the peak, the price of Dogecoin fluctuated a little but fell slightly, and at the time of writing the article, 1 Dogecoin = $ 0.31 (about 34 yen). According to Coindesk, the market capitalization of Dogecoin in the virtual currency market will be 42.7 billion dollars (about 4.64 trillion yen) at the time of writing the article.



Ars Technica, an IT news site, said, 'Everyone is trading Dogecoin because they think it's fun to trade and they might make money. Soaring prices are what many people think of Dogecoin. It shows that I think it's fun to speculate on. ' Regarding the reason why transactions of virtual currencies such as Dogecoin are becoming active, 'Many people are saving more money in banks than usual due to economic measures, low interest rates, pandemic-related savings, etc. Many people have time to spare due to limited travel and nightlife. '

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