Thread by @FinanceInsider

The #DogeArmy – investors of "meme" cryptocurrency #Dogecoin – has declared April 20th #Doge420 in an effort to boost its price, which was up 11.9% as of Monday morning.
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#Dogecoin, which exploded in popularity in the past month, was created as a "parody" by cryptocurrency aficionados Billy Markus and Jackson Palmer in 2013. businessinsider.com/dogecoin-go-ba…

#Dogecoin was inspired by the viral Doge memes which feature a picture of a Shiba Inu captioned with gibberish. Markus believes that a "friendly, low barrier to entry" has allowed #Dogecoin to surpass its meme status. markets.businessinsider.com/currencies/new…

#Dogecoin is now valued at a whopping $50 billion, rallying 7,199% in 2021 alone, and has received support from billionaire @elonmusk. markets.businessinsider.com/currencies/new…

.@RepMarkGreen, a Republican from Tennessee, also purchased thousands of dollars worth of the cryptocurrency earlier this month. markets.businessinsider.com/currencies/new…

However, the cryptocurrency is volatile, with price jumps and drops. Billionaire @mcuban, a #Dogecoin supporter, explained that he doesn't know the reason for its 400% price gain over the past week, but believes that it will become more stable over time.
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Even with its volatile status, #Dogecoin has soared above Bitcoin, Ether, and other cryptocurrencies, which have been struggling in recent weeks. markets.businessinsider.com/currencies/new…

To understand Dogecoin's rise, it's important to trace cryptocurrency's roots. Bitcoin, which was launched in 2009, brought cryptocurrency to the public eye, but it took years before it entered the mainstream.

Jeffrey Wernick, an angel investor, started buying Bitcoin the year it launched. According to Wernick, cryptocurrencies allow citizens to have more autonomy and control over their finances without governmental intervention.

Bitcoin and #Dogecoin aren't the only main players in the cryptocurrency space. These other cryptocurrencies have also cemented their place within the global economy.👇markets.businessinsider.com/currencies/new…