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Since DOGE Was Created, This Is How Much Dogecoin Has Crashed

Dogecoin (CRYPTO: DOGE) is one of the most popular meme coins in the crypto world, often getting a boost from Tesla Chief Executive Officer Elon Musk, who pumps up the digital currency either directly or indirectly, normally via social media. Dogecoin investors initially reacted positively to news that Donald Trump won last year's election, especially given Musk's close relationship with the new president. One of the biggest changes involving the government this year was the creation of the initiative called the Department of Government Efficiency -- which is often referred by its acronym, DOGE, not unlike how people refer to Dogecoin.

Is This 1 New Reason to Buy Bitcoin, or 1 New Reason to Be Cautious?

After all, high-profile buying could be interpreted as a tailwind for higher prices. With those dynamics in mind, let's break down who's buying it right now and why it could be an important factor in the coin's performance over the coming years. Strategy (NASDAQ: MSTR), which was originally a software business known as MicroStrategy but now claims to be a Bitcoin treasury, just purchased $555.8 million of Bitcoin in the week of April 14 through April 20, bolstering its smaller purchase of $285.5 million during the week ending on April 14.

1 Unstoppable Cryptocurrency That Could Soar by 13,800%, According to MicroStrategy's Michael Saylor

Bitcoin (CRYPTO: BTC) is the world's largest cryptocurrency. It has a market capitalization of $1.8 trillion as of this writing, representing more than half of the total value of all coins and tokens in circulation across the industry, which currently stands at $2.9 trillion. MicroStrategy (NASDAQ: MSTR) co-founder Michael Saylor thinks there is still substantial upside ahead, because he predicts Bitcoin will reshape the entire financial system thanks to its decentralized nature, its capped supply, and its secure system of record called the blockchain.