Dogecoin, started as a joke, now outperforms rivals in cryptocurrency market

Dogecoin, the Shibu Inu-themed cryptocurrency which started as a joke in 2013, has now outperformed its rivals to gain the sixth-biggest market value of its kind. Dogecoin advanced 24% over this week, trouncing its better-established competitors Bitcoin and Ether, which grew only 6.2% and 14.9%, respectively, over the same period, according to CoinGecko pricing. Experts stipulated that one reason behind Dogecoin’s recent success is Elon Musk, the third-richest man in the world, whose frequent tweets on cryptocurrency-related matters have often led to volatility in the market.

Elon Musk, who often pitches in with memes from his personal Twitter handle, has moved the prices of cryptocurrencies — Bitcoin and Dogecoin — multiple times.