Dogecoin, a cryptocurrency that started out as a joke, now has a market value that is hard to laugh about: more than $ 50 billion. On Tuesday, Dogecoin traders attempted to raise the price to coincide with April 20 or April 20, a date linked to smoking cannabis.
The hashtags #DogeDay and # Doge420 were trending on Twitter. The price of Dogecoin, which has risen recently, fluctuated between gains and losses on Tuesday and was quoted at around 40 cents according to Coindesk. A month ago it was about 5 cents.
The effects of the boom in the crypto markets can be felt far and wide. Coinbase, the cryptocurrency exchange that went public last week and is helping to push the industry mainstream, has a market value of $ 66 billion. Central banks have stepped up their plans to research digital currencies to provide people with a safe alternative to cryptocurrencies that are beyond their control. On Monday, the Bank of England announced at the latest that it was dealing with a digital currency from the central bank.
On Tuesday morning, prices for cryptocurrencies and related stocks fell. Bitcoin’s fell 1 percent and traded just over $ 55,000. Coinbase and Riot Blockchain stocks were slightly lower in premarket trading.