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Twitter Celebrates 'Doge Day' - What Is Dogecoin?

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Dogecoin is making headlines as its price has skyrocketed in recent weeks, particularly as hashtag #DogeDay picks up steam on Twitter  (TWTR) - Get Twitter, Inc. Report

If you are wondering what Dogecoin is, let me help you.

Dogecoin is a cryptocurrency launched by software engineers Jackson Palmer and Billy Markus in 2013. It was originally a joke - hard to believe, but it's true - marketed as a “fun” version of Bitcoin.

Dogecoin’s mascot is an image of a dog, Shiba Inu, a popular “Doge” meme.

Little did the founders know that the price of their "internet currency" would pick up so much steam in future.

So, who is behind its popularity?

Well, one of many causes is definitely Tesla  (TSLA) - Get Tesla Inc Report CEO Elon Musk.

Musk, who has over 44 million Twitter  (TWTR) - Get Twitter, Inc. Report followers, has been tweeting about Dogecoin a lot, which is how many people might get to know about it.

In April 2019, he even said that Dogecoin might be his favorite cryptocurrency.

He tweeted about Dogecoin at least twice in 2020, where in one of his tweets, Musk said, "One word: Doge."

On January 28, when Dogecoin stock was spiking, he tweeted a fake cover version of Vogue with a cover name "Dogue."

And Musk is far from alone in his devotion to cryptocurrency's best friend. Gene Simmons and Snoop Dog have also voiced their support of Dogecoin on Twitter. 

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