Dogecoin, like most cryptocurrency is scary to some, and while it is relatively new, has gained insane popularity in the last five to seven years. Dogecoin was founded in 2013 by Billy Markus and Jackson Palmer, two former software engineers. The goal was to create a new way to send money from one person to another.
Dogecoin started as a joke between the two, was named and “branded” as a meme, using the popular internet dog image. It now holds a market cap over 4 billion US dollars.
Reddit, the social media platform has been all over the news the past week, it quite literally sent the entire finance world into a frenzy. It caused Robinhood, the popular brokerage app to halt trades on certain stocks.
After the suits at Robinhood stopped allowing their customers to buy the stocks they wanted, the community quickly turned on the app. Trader’s turned their energy into finding a new way to make money in the volatile market. They settled on Dogecoin, now it is taking off like crazy.
Elon Musk, founder of Tesla, who just happens to be the richest man in the world, tweeted about Dogecoin in July. Joking that the crypto would take over the global financial system
Dogecoin has experienced an increase in trading volume of over 11,000% according to CoinMarketCap. The price of the crypto has increased 716% in the past 24 hours, making the investors A LOT of money.
The trading volume is no coincidence, with Musk and other influencers like Corinna Kopf, FaZe Banks, and Barstool Big Cat all tweeting about the stock regularly over the last 24 plus hours.
Robinhood stopped allowing trades on Dogecoin Thursday evening, claiming they are protecting their customers from the uncertainties of the cryptocurrency.
Check out Anthony Fontanello’s Emergency Press Conference on the Robinhood situation.
TL//DR: Dogecoin is making investors rich, the meme coin has turned Average Joes into millionaires.