After the NASCAR crash, Dogecoin is plummeting, but crypto investors are holding on with memes.

Then Dogecoin isn’t traveling to the moon? Dogecoin was created as a joke in 2013. Jackson Palmer and Billy Markus invented it to mock the rise of cryptocurrencies by turning the internet meme doge into a cryptocurrency. While it started as a joke, it turned into a useful tool because of its enormous supply and inexpensive price, which allowed for effective micro-tipping material on social media. It is based on Luckycoin, a fork of Litecoin that employs the Scrypt algorithm. Dogecoin’s block intervals are one minute, making it speedier than other blockchains. The cryptocurrency’s value has remained consistent since its inception: less than one cent. Each token was worth less than one cent in early January 2021. Then something unexpected happened. When both the GameStop and DogeCoin movements were in full swing in late January, the value of DogeCoin soared to 7.5 cents, a 10-fold increase, before plummeting to 2.5 cents.

Elon Musk’s meme-cryptocurrency, which he couldn’t stop tweeting about, hit a new high in mid-April, crossing the $10 mark for the first time. DogeCoin’s market cap is currently above $27.22 billion, even though it began as a joke and is classed as “a meme coin.” This is the cryptocurrency’s highest point ever, and it’s the product of a semi-ironic movement involving thousands of buyers, tens of thousands of online posters, and Elon Musk, the world’s richest man.
While the rally has resulted in some price increases, the cryptocurrency is not likely to ‘go to the moon anytime soon. According to Coindesk, the currency has dropped around -22 percent in the last 24 hours. In just the previous 24 hours, the market cap has dropped from $34.97 billion to $27.22 billion. While the value of the cryptocurrency has been steadily declining in recent weeks, the primary cause of the fall can be ascribed to an automobile.

In Saturday’s NASCAR Xfinity Series race in Nashville, a car bearing the Dogecoin emblem crashed. During Stage 2 at Nashville Superspeedway, Stefan Parsons’ car, which was decorated with the DOGE Shiba Inu dog, smashed into the wall. Springs, an auto parts firm whose CEO is a DOGE aficionado, sponsored the automobile. According to Coindesk, Parson was unharmed. The cryptocurrency’s value remained unchanged.

Source: News18

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