Dogecoin emerged in 2013 as an accidental open source peer-to-peer crypto movement using blockchain technology, a highly secure decentralized system of information storage like a public ledger. which is maintained by a network of computers called nodes (point of intersection, connection or union of several elements that converge in the same place).
In recent days, the crypto has risen in price due to expectations that Musk will allow the cryptocurrency to be used as a basis for transactions on Twitter.
“Investors should treat these price spikes with care. The recent surge has catapulted dogecoin to the sixth largest crypto asset by market cap, ahead of Cardano. While it is perfectly conceivable that Musk’s move has altered the investment case for the token, if you look at other companies like Tesla, adoption has been limited,” said Simon Peters, an analyst at eToro.
Dogecoin has languished around $0.06 since the middle of the year, after breaking out of its ATH of 0.5604 on the eToro platform in May of last year. But Musk’s rebound has pushed the price back above 0.125 for the first time since May this year.