DogeCoin Just Hit 20 Cents: Why That Has The Internet Excited ?Robinhood 'experiencing PROBLEMS WITH Crypto Trading,' Sparking Users' Outrage Amid Massive Dogecoin Rally ?Dogecoin's Co-creator Explains THE WAY THE 'parody' Currency Turned Into A Billion DPosted by Laursen Garner on April 28th, 2021 
� Provided by CNET DogeCoin, initially designed to parody cryptocurrencies, reached a milestone this Thursday when the price soared to over 20 cents, the first time the cryptocurrency exceeded 20 cents in value. The marketplace cap of DogeCoin -- which started as a tale and is literally classified as "a memecoin" -- is currently just over billion. It is the culmination of a semi-ironic movement that's involved thousands of buyers, thousands of online posters and the world's richest man, Elon Musk. Just like the Wall Street Bets Reddit community rallied around pumping the GameStop stock up to ,000-per-share (it got up to 3, short of the target but a dramatic spike from the 52-week low of .77), cryptocurrency communities became mounted on the idea of "sending" DogeCoin to 10 cents. Now it's soared past that goal and some. In early January, each token was worth significantly less than one cent. In late January, when both the GameStop and DogeCoin movements hit their stride, the value of DogeCoin raised to 7.5 cents, well over a 10-magnification, before sliding right down to 2.5 cents. The coin has spent the past few months in the three- to seven-cent range. On Sunday, its price started to rise, from around six cents, before it smashed the 10-cent milestone. The surge from 10 cents to over 20 cents could be the result of Doge's most visible supporter, Elon Musk, tweeting out further support for the cryptocurrency. For the reason that last 24 hours he put out the following tweet: If you're familiar with cryptocurrency at all, you understand Bitcoin and perhaps Ethereum. Those will be the two biggest cryptocurrencies, but underneath them can be an entire market of smaller ones called "altcoins" -- or, sometimes, "shitcoins." These are like the penny stocks of the cryptocurrency world. Many aim or claim to possess utility, or improve areas of the Ethereum blockchain, where most altcoins are designed. Others are "memecoins," which rise and fall in popularity simply because they're kind of funny. � CNET DogeCoin just hit 20 cents: Why that has the web excited Created in 2013, DogeCoin was the initial such memecoin. There are numerous others, and they're preposterous. One simply called Meme launched last August at and today trades at over ,000.
Robinhood said on Thursday evening that it was experiencing issues executing users' cryptocurrency trades but had "fully restored" trading by midnight Thursday. "Update: Crypto trading is now fully restored. Like others, we were experiencing unprecedented demand for Robinhood Crypto services, which created issues with crypto trading. We've resolved the issue and apologize for the inconvenience," it tweeted. Service started faltering around 10 p.M. Eastern Time. The technical difficulties came as the cryptocurrency Dogecoin's price has soared in recent days, prompting outrage from users hoping to cash in on the rally. Dogecoin's value has skyrocketed a lot more than 230% in the last three days, increasing its total market value to more than billion. "No, we didn't place restrictions on $DOGE trading. That is false information," Robinhood tweeted earlier in response to users alleging on social media marketing that the company had restricted trading of the cryptocurrency. Robinhood has come under fire from users and regulators previously over problems with its trading platform during major market events. In January, Robinhood blocked purchases of GameStop, AMC, along with other stocks after days of Reddit-fueled rallies. The company has since been subpoenaed within a federal investigation and is facing a class-action lawsuit from users. In March, Robinhood experienced major outages two days in a row, again drawing outrage from users who have been locked out of trading as markets had their biggest rally in years.
� Yuriko Nakao/Getty Dogecoin is really a "meme" cryptocurrency, seemingly created as a tale. Yuriko Nakao/Getty Dogecoin has exploded in value previously week, rewarding those who committed to the meme currency. In 2013, Billy Markus and Jackson Palmer created the cryptocurrency as a parody. Markus believes a "friendly, low barrier to entry" has allowed Dogecoin to surpass its meme status. See more stories on Insider's business page. Dogecoin is the earnest cryptocurrency, born out of a meme that its creators thought was "hilarious." Now, that random joke intended to lampoon the market is becoming a very important asset itself. Just this season, the animal-themed currency went from trading for under a penny to hitting a price of 14 cents by mid-April, with 11.7 billion units circulating. Elon Musk, the founder of Tesla, tweeted pictures of Shiba Inus, and YouTuber Marques Brownlee described Dogecoin as "the more accessible, less intimidating crypto for the people." "There are various reasons that folks are buying it, and it's more or less gone mainstream at this time," said Billy Markus, an IBM engineer and a cocreator of Dogecoin. "It's one of the volatile assets you may make a bet on, but people right now have a lot of reasons to make that bet, and that is being reflected available in the market." Dogecoin started as a tale that quickly grew right into a larger movement Most alternative cryptocurrencies, referred to as altcoins or clone coins, are fundamentally similar to Bitcoin. They could be "mined" by computers that run complicated equations to create these new assets that may be stored online or offline. In 2013, Markus had tried using his gaming computer to mine Bitcoin when he wasn't gaming, but said that he found that it "was a very slow and expensive process." CONSTELLATION BRANDS, INC. Utilizing a guide he found online, Markus taught himself how to create his own altcoin. His first was "Bells," using the currency in the popular Nintendo life simulator "Animal Crossing," which he said "flopped." After spending time in an internet chat room, he was directed to the Adobe developer Jackson Palmer, who had purchased the Dogecoin.Com domain name. "I came across that there was an enormous market with new coins coming out daily, and at times hourly, all touting how these were likely to become worth zillions and take over the galaxy," Markus said. "I thought it was silly, and also thought that, considering there have been so many coming out, it was probably an easy task to make." Doge, one of the internet's earliest memes to break to the mainstream, includes a 2010 picture of a yellow Shiba Inu looking quizzically in to the camera. In 2013, the meme template of two-word phrases juxtaposed with the curious canine gained worldwide appeal, rendering it the perfect target for this project. The pair collaborated, developing a currency so ingrained in meme culture that it might be impossible to take seriously. The web site was covered with Comic Sans font, a favorite motif of the Doge meme inspired by gibberish such as for example "much wow" and "so currency." "The original intent was a parody of all the 'serious' clone coins that were trying so hard to differentiate themselves, but all seemed the same," Markus said. "Dogecoin was just another clone coin, but instead of taking itself seriously, it had been just Dogecoin." � Twitter Twitter Over the next couple of years, Dogecoin would pick up with the irony-loving nihilists who feel the idea of currency is fundamentally flawed, and could have been more interested in "lulz" instead. In 2014, Dogecoin users raised ,000 to send the Jamaican bobsled team to the Winter Olympics, a reference to the 1993 film "Cool Runnings," and ,000 to Charity: Water, which helps give clean drinking water to developing nations. Palmer would leave the crypto community in 2015, giving over development duties to a group of community followers. "I saw the space being overrun by opportunists seeking to make a buck, rather than people buying evolving the technology," Palmer wrote in a Vice story. The worthiness of Dogecoin comes from its meme status So long as computers can run the equation, Dogecoin may never run out. Unlike Bitcoin, which has a set number of units which can be mined, the yellow dog on a coin can be purchased and sold for cheap. For days gone by decade, Dogecoin could possibly be bought by the thousands for nearly nothing, making it an easy task to collect. This "friendly, low barrier to entry," Markus said, has allowed the coin to go mainstream in a manner that a great deal of ironic art rarely does. Over the past few years, cryptocurrency has exploded in popularity, with Bitcoin hitting an archive ,000 this week. This mainstream awareness created by this virtual gold rush has inspired a fear of missing out that's causing cryptos to skyrocket in value. "I believe the market has been racking your brains on what the intrinsic value of all cryptocurrency is over the final 12 years," Markus said. "It hasn't settled on one
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