The value of Dogecoin fluctuated after a record rally, where it reached new heights. The value of Dogecoin was boosted with enthusiastic support from people like Elon Musk, who helped raise the value of the easy-going dog-themed cryptocurrency, which was created as a meme, to an all-time record. The value of the cryptocurrency jumped to $ 0.45 (approximately 34 rupees) on April 16.
Since then, however, the cryptocurrency has been when reduced. The crash began on April 21, the day after fans of Dogecoin celebrates Doge’s Day. Use of hashtags such as DogeDay and DogeDay420, supporters published memes and messages on various social media platforms to stimulate the rise in the value of cryptocurrency. On Friday (at the time of writing), The price of Dogecoin was slightly above Rs. 16.
On April 15, Musk tweeted a photo of a 1926 painting “Dog Barking on the Moon” by a Spanish artist and changed the title of the work.Doge barks at the moon‘, referring to the cryptocurrency. This brought the value of Dogecoin to the highest records. However, since it began to collapse, Musk has not tweeted anything about the cryptocurrency.
In February, a series of Musk tweets welcoming Dogecoin raised the value of the meme-based cryptocurrency to wild levels. He first tweeted a picture of a rocket reaching the moon, followed by a tweet with the word, “Doge.”
Musk also published his version of the iconic image of Rafiki the Lion King holding baby Simba over Pride Rock. He replaced the shaman’s mandrill face with his own, while the lion’s face was replaced with this Dogecoin logo, the Japanese Shiba Inu dog breed.
The business tycoon did not stop there. He published two more publications on cryptocurrency. “Dogecoin is people’s crypto,” he wrote, followed by a rather amusing but witty tweet: “No peaks, low levels, just a doge.”
In addition to Musk, rapper Snoop Dogg and singer Kiss Gene Simmons also backed Dogecoin.
In February, Snoop Dogg tweet in Musk with a parody of one of his albums, Snoop Doge.
Simmons tweet in February, he told his followers that he had “bought a large position in Dogecoin.” In another tweeting, he had just written On the Moon, with an image of Musk pushing the cryptocurrency up.
Dogecoin was the brainchild of technicians Billy Marcus and Jackson Palmer, who started this just as a joke to circumvent traditional bank fees in 2013, when they traded around $ 0.000232 (approximately 0.017 Rs).