The exchange rate for the cryptocurrency Dogecoin aka DOGE has increased dramatically in the past year. If calculated for the last 3 days only, the price increase is up to 150%. DOGE could be Bitcoin’s new competitor. When calculated annually, DOGE prices rose 592% .
Elon Musk Favorite: DOGE
Indodax CEO Oscar Darmawan said the increase in DOGE prices was driven by increased demand after Tesla CEO Elon Musk stated that DOGE was his favorite crypto asset.
“Elon Musk stated that DOGE is his favorite crypto asset on Twitter. People see that then they buy DOGE. Because the demand is massive, it certainly affects the price,” Oscar said, Sunday (3/1/2020).
His most popular tweet was written on December 20, 2020. Elon Musk said, “One Word: DOGE”. The tweet also raised the price of DOGE in the market.
Oscar added, DOGE is one of the favorite crypto assets around the world. On Coinmarketcap.com, the DOGE rating is 26th. DOGE’s market cap alone reached US $ 1.27 billion.
However, the increase in the price of DOGE is not only due to Elon Musk, but also due to the increase in the price of Bitcoin. It should be noted, DOGE is a type of altcoin which is a derivative of Bitcoin technology.
How DOGE Was Created?
Dogecoin itself was originally created from a joke from the crypto community by creating a crypto with the Shiba Inu Dog logo icon which has now become a large cryptocurrency community.
With the increase in the price of DOGE this indicates that crypto assets are not just Bitcoin. There are still many other crypto assets that have shown fantastic performance such as Ethereum and DOGE and other coins.