The meme cryptocurrency’s price increased 91 percent in 24 hours last week after Elon Musk tweeted about it – and it has increased 20,000 percent from this time last year. But in the past 24 hours, its value has fallen by just over 20 percent – from $0.3326 (£0.24) to $0.2629 (£0.19). It comes just days after fans tried to push it to $1 (£0.72) as they celebrated ‘Dogeday’ and over 140,000 signed a petition asking Amazon to accept the coin as a payment method.
The company’s current CEO, Jeff Bezos, has remained tight-lipped over cryptocurrency – but he recently announced he will step down from his position in June.
And analysts at Cointelegraph have dubbed his successor, Mr Jassy, as “crypto-curious”.
The 53-year-old is the CEO of Amazon Web Services and previously offered a mixed review of blockchain technology – the technology that enables the existence of cryptocurrency – and its applicability to Amazon’s business.
In a statement at the Amazon ‘Re:Invent’ conference in 2017, he expressed doubt that blockchain could be used for more than a “distributed ledger” but said he and his team were interested.
However, he added that company policy dictated that they don’t “build technology just because we think it is cool”.
He did leave the door open for future exploration, though,
He said: “We are very intrigued by what customers are ultimately going to do there.”
In 2018, Mr Jassy moved forward with a “quasi-blockchain” offering, as he oversaw the launch of two blockchain products: Amazon Quantum Ledger Database and Amazon Managed Blockchain.
The products maintained centralised databases but included cryptographic qualities.
READ MORE: Jeff Bezos’ Dogecoin backing ‘can set’ crypto value to $1 ‘in less than 24 hours’
It was reported in February that Amazon is working on a new virtual currency that users could spend on its platforms.
This came after job adverts were found that the company had put out for its ‘Digital and Emerging Payments (DEP)’ division.
The adverts indicated that Amazon is in the process of developing a system that lets customers “convert their cash into digital currency”.
The post said: “We are building a tech team to build innovative payment products for customers in emerging markets.”
The adverts were later removed, as reported by Tech Radar at the time and secrecy has surrounded the plans since.
It would not be Amazon’s only digital coin project as the tech giant has already started working on Amazon Coins – designed to offer users discounts on purchases on Kindles and Fire tablets.
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It is not clear if the two projects are linked.
Britain’s Financial Conduct Authority (FCA) has previously warned investors of the risks that come with investing in cryptocurrency
They said: “If consumers invest, they should be prepared to lose all their money.
“Some investments advertising high returns from crypto assets may not be subject to regulation beyond anti-money laundering.
“Significant price volatility, combined with the difficulties valuing [Bitcoin] reliably, place consumers at a high risk of losses.”
Express.co.uk does not give financial advice. The journalists who worked on this article do not own Dogecoin or Bitcoin.