As Elon Musk tweets, “Who let the Doge out”, Dogecoin soared to an all-time high Sunday.
For the first time, only a week after crashing to 2.5 cents and causing an uproar on Reddit, the Shiba Inu-themed digital coin reached 8 cents. In the last 24 hours, it rose 53 percent to 8.2 cents as of 5:45 p.m. According to Coingecko numbers, breezing past its latest record of 7.8 cents reported in late January in New York on Sunday.
It now has a $10 billion market value, making it the 8th-biggest cryptocurrency.
Celebrity Interest in Dogecoin
After Tesla Inc. co-founder Elon Musk returned from his self-imposed Twitter break to deliver a series of tweets endorsing Dogecoin, the price recovered last week. KISS member Gene Simmons and rapper Snoop Dogg also contributed to DOGE’s rise with their own Dogecoin tweets.
🎶 Who let the Doge out 🎶
— Elon Musk (@elonmusk) February 7, 2021
Musk’s tweets undoubtedly have an effect on the price of crypto and it was no different this week. On the other side, Simmons’s tweet may have been liable for a fleeting 4% decrease in the price of the coin, but one should be sure to note the connection between the period of his tweet and DOGE’s corresponding value.
The tweet from Snoop is a separate tale to Simmons’s. Twenty minutes after a dip in which the price of DOGE plummeted from $0.055 at 7:34 PM to bottom out at $0.052 only 50 minutes later, it was released. From there, by 1:14 AM, it rose to $0.064. In five hours, that marks a 22 per cent rise.
— Snoop Dogg (@SnoopDogg) February 6, 2021
Dogecoin has been riding a surge of newfound fame on social media, powered by the speculation hysteria of institutional buyers, which started as a joke in 2013.
This week, Bitcoin has surged before paring profits, topping a peak of $40,000.
What is Dogecoin?
Dogecoin is an Internet meme based on the famous cryptocurrency “Doge” and has a Shiba Inu logo on it. Dogecoin is a fork of Litecoin. Introduced as a’ prank currency’ on 6 December 2013, Dogecoin quickly developed its own online community and achieved a capitalization of US$60 million in January 2014.
Compared to other cryptocurrencies, Dogecoin has a high initial coin growth schedule: 100 billion coins were in circulation by mid-2015 and another 5,256 billion coins per year afterwards. It had mined the 100 billionth Dogecoin as of 30 June 2015.
Dogecoin has achieved interest in many internet circles, such as a tipping system in which members in the social network advise others to have appropriate or prominent content.
In return for DOGE, online platforms like Reddit and Twitter, where members also communicate currency-related information, trade in real, tangible items takes place.