What is Dogecoin?
Dogecoin is a cryptocurrency which was launched in 2013.
Originally invented as a joke by software engineers Jackson Palmer and Billy Markus, the Dogecoin has the image of a Shuba Inu dog as its logo.
It has been marketed as the “fun” version of bitcoin.
Two weeks after its launch, the value of it jumped 300% after China banned banks from investing in cryptocurrencies, according to Investopedia.
Dogecoin then skyrocketed alongside other cryptos during the bubble that peaked in 2017, and it fell with the rest of them over 2018.
At its height, Dogecoin was trading for $0.018 per coin, according to crypto data firm CoinMarketCap.
Why is the value of it going down now?
At the time of writing, Dogecoin has still risen by around 300% to $0.13 (£0.095) over the past 24 hours, according to CoinMarketCap.
However, it has fallen from this morning when it reached $0.19 (£0.14).
The turbulence comes off the back of a bunch of Reddit threads calling for it to hit a value of $1 per coin.
The target was an attempt to mirror the recent share surge in heavily shorted companies like GameStop, but its value is now going down as investors are selling off the cryptocurrency.