Dogecoin cryptocurrency slumps
after hashtag-fueled surge to
Dogecoin cryptocurrency slumps after hashtag-fueled surge to record high on Business Standard.
Dogecoin's rise came during a surge in online trading of stocks and crypto by retail investors, stuck at home
with extra cash because of the Covid-19 pandemic
Market News Meme-based cryptocurrency Dogecoin fell on Tuesday
after hitting an all-time high in a wild session that saw supporters of the
token once considered a parody use hashtags to fuel a rally until it lost
Dogecoin ultimately fell 15.4% to US$0.33, but during the session
when it hit a record peak, its market capitalization soared to more than
$50 billion. After the slump, its market cap dropped roughly $45 billion,
according to coinmarketcap.com.
ALSO READ: Localised lockdowns weigh; Sensex declines 244 points
By comparison, the wildly popular bitcoin has a market cap of more
than $1 trillion. "GIMME THAT DOGECOIN LAMBO!!! #DogeDay"
one tweeted, referring to the Lamborghini sports car popular in crypto
An 8,000% price increase this year has seen Dogecoin, launched as a
satirical critique of 2013's cryptocurrency frenzy, overtake more widely-
used cryptocurrencies like Litecoin and briefly Tether, to become the
sixth-largest coin...Read more.
News Source : BS / Business Standard