Cryptocurrency Now Worth $85 Billion

In 2013, software engineers Billy Markus and Jackson Palmer started "Dogecoin".

The cryptocurrency featured the face of the Shiba Inu dog and was essentially an inside joke on the Internet for a number of years. One Dogecoin was worth well south of a penny for many years, while other cryptocurrencies such as Bitcoin were worth much more.

In 2021, however, things have dramatically changed, and now Dogecoin has real value.

As of this moment, the entirety of all Dogecoin in existence is worth north of $85 billion.

This time last year, you could buy a single Dogecoin for less than a cent.

Now, one Dogecoin is worth 65 cents.

The surge in value of the "joke" cryptocurrency has come as a result of wild speculation, brokerages allowing the buying and selling of cryptocurrency and a barrage of stimulus spending, to name a few.

The biggest reason for the surge, however, has been Elon Musk, who has frequently mentioned Dogecoin on his Twitter feed.

Musk, who calls himself the "Dogefather", reversed his stance on cryptocurrencies in 2020 and revealed that Tesla would be converting a portion of their balance sheet to Bitcoin.

In addition, Musk has said that he owns cryptocurrencies personally.

Musk has mainly posted about Dogecoin, however, and the cryptocurrency usually gets a big boost when he does so.

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Dogecoin has surged over the past week as speculators have piled into the cryptocurrency, hopeful that Musk mentions Dogecoin during his hosting appearance on "Saturday Night Live".

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If you want to know the state of "investing" in 2021, look no further than Dogecoin, where a great number of the public have bought, hopeful that an Elon Musk mention on Saturday Night Live will continue to send the coin into the stratosphere.

Filed under: General Knowledge