The cryptocurrency market has been pretty volatile lately due to several factors. Bitcoin has lost significant value due to the Chinese government cracking down on large-scale mining operations. On the other hand, Dogecoin seems to have jumped in value by a significant amount. It is now worth USD 0.43 (approx. Rs 30), 31 per cent higher than earlier. This is due to Coinbase stating that users can now buy and sell Dogecoin on its platform. Coinbase is one of the largest cryptocurrency exchanges on the market. Dogecoin has picked up in value ever since billionaire Elon Musk expressed interest in it. However, a cursory glance at Dogecoin’s value on CoinDesk tells us that it went as high as USD 0.74. A TikTok campaign from earlier tried to push its price to USD 1.00 but failed.
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Dogecoin, much like Ethereum, Litecoin and others, is what is known as an ‘altcoin’, which expands to ‘alternative coin’. These coins sprung up after Bitcoin gained mainstream traction several years ago. Dogecoin was created back in 2013 by Billy Markus and Jackson Palmer, both software engineers by profession. It has consistently remained in the news since its inception by the way of charitable acts. In 2014, Dogecoin successfully raised US$30,000 for the Jamaican Bobsled team that qualified, but could not pay to attend, the 2014 Sochi Olympics.
However, Dogecoin has very little real-world value, as you cannot use it to buy…pretty much anything. One can probably use it to transact with other Dogecoin holders, but nothing else. Then again, that could apply to most cryptocurrencies, except for Bitcoin, maybe.
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