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Dogecoin cryptocurrency owners see value explode | Financial

Within a week, dogecoin, set up in 2013 and embraced last year by Tesla boss Elon Musk with millions of followers, was worth up to six times more.

The coin is now in fifth place on the list of most traded crypto coins at Coindesk, a major comparison platform.

In one year, the currency rose by 26,250%.

“Dogecoin is the crypto of the people,” said Musk, recently the second richest man on Earth. According to the tech serial entrepreneur, dogecoin has a very practical concept: the software is open source and it allows payments and other transactions between people without the intervention of a bank.

Dogecoin's price skyrocketed after Elon Musk tweeted.

Dogecoin’s price skyrocketed after Elon Musk tweeted.

Jackson Palmer and Billy Markus’ coin depicting a shiba inu dog, a Japanese breed, was worth $ 62 billion in investment money in purchases and sales, according to platform Coindesk.com.

Brokers offering the currency speak of ‘unprecedented demand’. Dodgecoin has the property that it has a fast network, so that transactions run more smoothly than, for example, with bitcoin.

At the same time, bitcoin, the most important of all coins in use, fell by more than 3% on Friday.

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