/Dogecoin: What’s behind the surge?
Dogecoin: What's behind the surge?

Dogecoin: What’s behind the surge?


Dogecoin: What's behind the surge?

FOXBusiness

‘Let’s be very clear. This is a bubble,’ cryptocurrency founder Charles Hoskinson said of the Doge surge.
Dogecoin, a cryptocurrency that began as a joke in 2013 and is based on a popular meme, has seen a more than 500% price surge over the past week, according to Friday data from CoinMarketCap.com.
The cryptocurrency‘s market value is currently listed at nearly $50 billion and is now a top-five cryptocurrency, CoinMarketCap data shows. Individual Dogecoins are worth $0.3671 per unit compared to Bitcoin’s $61,831.78.
Billy Markus, one of the co-founders of the joke cryptocurrency and who goes by the name “Shibetoshi Nakamoto” on Twitter, said Friday that he was able to “fully pay off” his mother’s “home equity loan” and thanked his followers.
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“Called mom. Told her I was able to fully pay off her home equity loan. Lots of tears,” he tweeted. “That was such a weight, for so long. One step closer to feeling like she can live independently. This is all thanks to you guys. I don’t even know what to say, it’s beyond words. Thank you.”
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He continued: “The truth sounds bonkers…’I was able to do so from gifts of the internet dogs money I invented, as well as selling related Tweets, drawings and screenshots, with everything coming from unbelievably kind strangers,'” referencing his effort to sell an NTF – a form of digital artwork – of the first version of Dogecoin to ever exist for more than $21,000, according to another tweet.
Dogecoin has made headlines in recent months since several big-name celebrities, including Tesla CEO Elon Musk and rapper Snoop Dogg, brought it up on social media.
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