Dogecoin Surges Past 50 Trillion Won Market Cap... Musk Provides Support Fire

Dogecoin meme posted by Musk in July last year (Photo by Musk Twitter capture)

[Asia Economy Reporter Dongwoo Lee] The cryptocurrency Dogecoin surged, surpassing a market capitalization of 50 trillion won.

On the 16th (local time), according to cryptocurrency information sites CoinDesk and Bloomberg News, Dogecoin hit a new high, exceeding $0.40 per coin, and at one point its market capitalization soared to $52 billion (approximately 58 trillion won).

Currently, Dogecoin, which has surpassed a market capitalization of 50 trillion won, is trading in the range of $0.36 to $0.39.

CoinDesk reported that Dogecoin rose more than threefold within 24 hours, surpassing the market capitalization of major investment banks in the UK and France.

Bloomberg News stated, "One year ago, Dogecoin's price was $0.002, and its market capitalization was $250 million (278 billion won)," adding, "It has increased by more than 18,000% in one year."

Dogecoin is a cryptocurrency created eight years ago in 2013 by software developers Billy Markus and Jackson Palmer.

They adopted the Japanese Shiba Inu dog, which was popular as a subject of internet memes (photos or videos trending on the internet), as the mascot of this currency, and named the currency 'Dogecoin' after the Shiba Inu meme called 'Doge.'

Dogecoin, which had not attracted much attention in the cryptocurrency market due to competition from Bitcoin and others, has drawn a steep upward curve this year thanks to promotional effects from Tesla CEO Elon Musk and the Nasdaq listing of the cryptocurrency exchange Coinbase.

In particular, Musk supported Dogecoin by posting related tweets over two days.

On the 15th, Musk posted on Twitter an image of Spanish surrealist painter Joan Mir?'s work "Dog Barking at the Moon" along with the caption "Doge barking at the moon."

'Moon' is slang in capital markets meaning a sharp price surge.

Following that, Musk reposted a Dogecoin 'meme' he shared in July last year. This meme humorously depicts cryptocurrency investors' hopes that Dogecoin will become the standard in the global financial system.

Meanwhile, amid Dogecoin's rapid rise, market experts have pointed out that a speculative bubble is forming.