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Dogecoin price prediction: All you need to about 'Elon Musk' Dogecoin and why pipo begin rush dis cryptocurrency
Di price of Dogecoin [Doge], one cryptocurrency wey start as joke for 2013, don jump go up well-well and rise more than 800% for di year so far.
Di increase value of dis cryptocurrency dey happun afta di world richest man, Elon Musk name Dogecoin as "di pipo crypto".
Elon Musk wey be chief executive of Tesla and get more than 45 million followers for twitter, put up di tweet on Thursday, February 4 and di price of Dogecoin rise by 50% since dat tweet.
Di world richest man later put out anoda tweet;" No highs, no lows, only Doge."
Dis no be di first time Elon Musk Twitter attention to Dogecoin don make di price rise.
For December 20 e tweet say; "One Word: Doge" and dis im tweet make di value of Dogecoin climb up to 20% and even make am trending topic on Twitter.
Last month, Elon Musk become di world richest pesin and pass Amazon founder Jeff Bezos, as di value of im shareholding for Tesla increase.
Wetin be Dogecoin [Doge]
Dogecoin dey use one Shiba Inu dog as dia logo and dis dey based on one meme wey feature di animal.
End of Di one wey oda users dey read well well
Two software workers, Jackson Palmer and Billy Markus create Dogecoin for 2013 afta one of dem crack joke about di next big cryptocurrency, according to one interview with tori pipo Vice.
Like play, like play di joke don turn to real and Dogecoin don get market value of $6.3bn (£4.6bn) as at on Thursday morning, according to Coinmarketcap.com, one cryptocurrency data provider.
Di value of one single Dogecoin rise to $0.05204 dat Thursday morning wey Elon Musk tweet, dat na up by almost three cents in 24 hours. Di volume of trading don go up to times three ova di day.
Dogecoin market value now sit at almost $7 billion, and dis make am di 12th biggest among cryptocurrencies, according to CoinMarketCap.
Wetin you need to know about Cryptocurrencies
Na computers dey generate Cryptocurrencies like Dogecoin and Bitcoin. Dia supposed value dey come from di limited number wey dem fit compute.
But as e be say Cryptocurrencies no get in-built value like gold or land, and no ability to generate income like a company or bond, cryptocurrencies dey highly volatile and fit crash as fast as dem dey rise.
Pipo don lost large amounts of money sake of di fast drops in di value of cryptocurrencies and sake of hacking plus corrupt or lost hard drives.
For example, Bitcoin value drop by $5,000 on 4 January to about $29,000 before e recover di lost ground. On 11 Jan, e drop $9,000 to $32,000.
Because cryptocurrencies fit pass international borders quickly and no dey regulated like cash or regular investments, to investigate stealing of dis currency dey hard.
Last month, di Financial Conduct Authority (FCA) issue one warning to investors for cryptoassets.
Di financial watchdog tok say make investors dey "prepared to lose all dia money" if dia investment value collapse.
