The April fool did not spare the cryptocurrency network too. On April 1, its price rallied to $0.002499, which was up by more than 20% for the day. The coin was treading nowhere near the major cryptocurrencies earlier in March. To the surprise of the crypto followers, this added close to $49 million to Dogecoin’s account in just seven hours.
Joke or not, it did well for the company whose prices surged two-fold, even during the 24-hour adjustment period. It is worth mentioning here that the meme coin competed against the Bitcoin, Tether, Yuan and even the Turkish Lira. In what seems to be a low-profile attempt to rebrand the Blockchain Education Network, it created an unexpected market bullish for the meme coin. Meanwhile, the Blockchain Education Network, which is a student-powered group jokingly said that it was going to rename itself to Dogecoin Education Network, saying that it would only work with Dogecoin projects and would only teach about Dogecoin. BEN has students from over 95 countries working for it. All of them have vowed to give altcoin unparalleled support to bring it to the mainstream.
Meanwhile, Ben laid out its plans of launching an Initial Coin Offering or IEO, built on the basis of Dogecoin. It is likely to introduce a counterparty crypto exchange in a crowdfunding process that is token-based. In fact, Binance followed an IEO-like approach with its launchpad in order to host funds for Bread and Gifto. Experts, however, are confirmed about the fact that Dogecoin may have really played a joke in all possibility on April Fool’s Day.
It is not a joke after all. Following the skyrocketing value of Bitcoin and US Dollar, altcoins are pressing even more to gain momentum against the mainstream crypto industry. It is worth mentioning that BTC or USD has reached its peak in the past 3 to 4 months breaking above the cap $4,100.
What is Dogecoin?
Dogecoin can easily be named as Internet currency because it is a decentralized, peer to peer digital currency that enables easy transaction online. It is represented by a Japanese breed of dog, Shiba Inu, as its mascot. It is also a popularized meme. What sets Dogecoin apart is the people who comprise it- the young working crowd or students from various countries.
The community is also linked to charitable work for the betterment of the above-mentioned breed of dogs, thus giving shape to the Dogecoin Foundation. This is done to facilitate the use of Dogecoin through goodwill, charitable and promotional endeavours.