Value of Dogecoin cryptocurrency increases 

  • IASbaba
  • April 20, 2021
  • 0
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Value of Dogecoin cryptocurrency increases 

Part of: GS Prelims and GS – III – Economy 

In news

  • Just as the virtual currencies Bitcoin and Ethereum have surged in value this week, so has Dogecoin– a cryptocurrency started in 2013 as an internet parody.

Key takeaways 

  • It is Based on the “Doge” meme and started as a “fun” alternative to Bitcoin. 
  • It’s now valued at $34 billion.
  • Created by: software engineers Billy Markus and Jackson Palmer 
  • Unlike Bitcoins, whose maximum possible number is fixed at 21 million (a figure that is estimated to be reached by 2040), Dogecoin numbers do not have an upper limit, and there are already more than 100 billion in existence.

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