Cryptocurrencies are digital currencies which are stored on an online network called the blockchain. Blockchain technology, which can seem very complicated, is a kind of database used to record financial transactions.
Dogecoin, which was set up as a joke seven years ago, was above 60 cents yesterday after a rally of 91 per cent in a week.
Musk, chief executive of Tesla, the electric carmaker, has long been a supporter of dogecoin, branding himself “the Dogefather” as its value increased.
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