Dogecoin (DOGE) has drastically risen in value this week, after SpaceX chief Elon Musk gave the cryptocurrency unprecedented levels of support on social media. The so-called ‘meme cryptocurrency‘ is set to rise even further in value, an expert has predicted.
Dogecoin is a type of cryptocurrency that was invented by software engineers Billy Markus and Jackson Palmer.
They wanted to create an online payment system that was free from traditional banking payments, and that was also fun to use.
It was introduced in December 2013, and has since been valued at £12.5billion ($17.7billion).
Over the past year, dogecoin returns have increased almost 3,000 percent.
Since its introduction, DOGE has gone on to become one of the most successful types of cryptocurrency available.
“Now priced at $0.1357, dogecoin is the 10th most valuable coin and its worth has just crossed the $16billion mark.
“Dogecoin has surged over 60 percent in the last 24 hours.
“The entire cryptomarket is bullish and with the IPO of Coinbase today, we expect to see even more momentum with dogecoin in the near future.”
The entire crypto market has boomed in recent years, with bitcoin and ethereum both benefiting, too.
Bitcoin and ethereum’s success has likely had a knock-on effect to other types of crypto, it’s been claimed.
It’s also probably helped that Coinbase – the world’s most popular cryptocurrency exchange – has been listed on the stock market.
Dogecoin has also been receiving high levels of publicity by South African billionaire Musk.