Dogecoin – the virtual asset which started as a parody of Bitcoin – has so far metamorphosed into a reliable store of value for some. The comedic cryptocurrency has been doing well since its inception in 2013 majorly as a consequence of the interminable PR notable personalities like Tesla boss and tech billionaire Elon Musk have been lavishing on it.
The latest on the line of top people who have shown interest in Dogecoin is Changpeng “CZ” Zhao, Chinese-Canadian entrepreneur and CEO of top crypto exchange Binance. Zhao had mentioned his surprise at the performance of the parodic cryptocurrency after the coin surged to an all-time high of $0.69 recently – attaining another ATH the second day in a row – indicating that DOGE is among some of the cryptos he loves.
Even with his newfound love for the dog-themed cryptocurrency, Zhao indicated that he doesn’t hold the coin in his portfolio.
Nonetheless, it is not out of place to assume he might be adding the digital asset to his portfolio, especially witnessing its recent aggressive rally, currently placing itself at 4th spot in terms of market value.
Zhao possesses about a 30% stake in Binance – the world’s largest cryptocurrency exchange by trading volume – and is ranked by Forbes as one of the top cryptocurrency billionaires in 2021 with a net worth of $1.9 billion.
While computer geeks and IT engineers have earnestly worked towards cryptocurrency projects and envisioned a future where their works rise to the top of the chain, Billy Markus and Jackson Palmer – the creators of Dogecoin – had nothing related to such aspirations when they decided to work on the dog-themed cryptocurrency project. The digital asset which started as a joke in December 2013 – a comical travesty of Bitcoin – has since then worked its way towards being one of the top cryptocurrencies in the world, massively soaring past 14,000% since the outset of 2021.
With the incessant PR from Musk and interest indicated by the likes of renowned individuals like Snoop Dogg, Soulja Boy, Mark Cuban, Jake Paul among others; Dogecoin has moved past what its creators expected and now seems to be actually “going to the Moon” with a trading volume of over $25 billion as of publication. Now, we have Zhao equally showing interest.
Edward Moya, market analyst at Oando has attributed Doge’s recent rally to purchases from many traders who wouldn’t want to miss out on a price surge influenced by Musk’s forthcoming Saturday Night Live scheduled to hold on the 8th of May.
Although Musk has not revealed how much DOGE he owns, the Doge community is certain he holds a significant amount of the coin in his portfolio. Recall that the billionaire revealed he had bought some Dogecoin for his toddler X Æ A-XII sometime ago.