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The tongue-in-cheek cryptocurrency Dogecoin has experienced exponential growth in 2021, backed by many famous faces. But the digital currency is not simply viewed as a joke, with some of the world’s richest entrepreneurs identifying the coin as a legitimate investment opportunity.
Recently, American billionaire Mark Cuban praised the strength of Dogecoin in an interview with CNBC.
He said: “The community for doge is the strongest when it comes to using it as a medium of exchange.”
On his Twitter page, Elon Musk echoed those sentiments, as he replied to the article.
“I’ve been saying this for a while,” Musk said.
Dogecoin was created in 2013 by software engineers Billy Markus and Jackson Palmer.
The currency was invented by the duo as a joke, poking fun at the rise to prominence of cryptocurrencies at the time.
The digital currency derives its name from the popular ‘Doge’ meme, and its logo features the face of the famous Shiba Inu dog whom the meme is based around.
Its creators have leaned into the comic nature of Dogecoin, dubbing it the “fun and friendly internet currency.”
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More recently, Dogecoin has become more popular and more valuable.
Earlier this year, the price of Dogecoin rose by a whopping 800 percent in 24 hours, reaching a price of just over five pence per coin.
This was the result of attention from users on Reddit, which followed the GameStop short squeeze.
Musk has also had an influence on Dogecoin, encouraging the digital currency on his Twitter account. This is believed to have helped boost the coin’s popularity.
The South African born billionaire has played a part in some of the violent fluctuations in the price of Bitcoin in recent times as well.
The price of Bitcoin surged upon the news that Musk’s company Tesla would accept Bitcoin as payment, but later plummeted after suggestions that Tesla would sell all of its Bitcoin holdings.
Musk has an enormous fortune, estimated to be £136.04billion by Forbes.
Cuban, the majority owner of the basketball team the Dallas Mavericks, has also encouraged the use of Dogecoin.
He announced in March 2021 that the team would allow fans to purchase tickets and other products using Dogecoin.
Within two days, Cuban said the team had carried out 20,000 transactions using Dogecoin.
According to Forbes, Cuban’s net worth in 2020 was £3.13billion, placing him 177th on their Forbes 400 list.
Today, the price of Dogecoin is 23 pence per coin.
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