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Jackson Palmer built Dogecoin in 2013 as a joke around the popular Doge meme featuring a Shiba Inu. The DogeCoin has been spiking and dropping over the past few months but is currently on an upward trend. These spikes were caused by Tesla cars announcing that it is now accepting Doge as a form of payment for its merchandise.
Also, in February, a tweet from Elon Musk where he uploaded a photo of a rocket adjacent to the moon, followed by a single-word tweet that read “Doge” – a play on the phrase “going to the moon,” a metaphor for an asset-price boom. Furthermore, Doge’s value surged a 10% increase last week after billionaire Tesla CEO Elon Musk stated that he would not sell any of his crypto holdings, including Dogecoin.
However, Dogecoin touched one month high four days ago after Bitcoin of America revealed plans to offer support for the doggy-based cryptocurrency to its network of over 1,800 ATMs spread across 31 states in the United States.
Bitcoin of America, a digital money exchange registered with the US Treasury Department as a money services business, stated it “saw the increasing popularity of Dogecoin and thought it was time to integrate it.” Customers can use ATMs to buy or sell certain types of cryptocurrencies for cash. In October, the Ethereum network’s native coin, Ether, was integrated into the ATM network. Even though the currency is on the rise, it’s still a long way off from its all-time high of $0.74, which was reached early last year.