It’s no surprise that Elon Musk’s tweets hold a lot of power. Power that sends stocks or cryptocurrency shooting high. The same has now happened with DogeCoin.
In his latest tweet, Musk shared a photo of artwork by Spanish painter and sculptor Joan Miro, the tech billionaire wrote, “Doge barking at the moon”. The original painting from 1926 was named “Dog Barking At The Moon”. For the last few months, Musk has mentioned dodgeCoin in various of his tweets, and this one just had to send it to hit an all time high.
The cryptocurrency made popular by Tesla chief Elon Musk, has reached an all-time high after a 70.22 per cent in the last 24 hours, the highest ever surge it has seen. This take Dogecoin’s current value to $0.122680 or almost 12 cents. The market cap of Dogecoin, literally listed as a ‘memecoin’, is now over $14 billion.
The surge experienced by Dodgecoin is incredible, since it was less than a cent at the start of this year. It shot up to 7.5 cent before going down to 2.5 cents. Dogecoin spent last few months between three and seven cents range. However, the crypto got another boost on Sunday when its price began to rise again, before smashing the 10-cent milestone.
According to a report published by stock market news site Benzinga on Tuesday, the cryptocurrency soared to nearly 1,900 per cent since the beginning of 2021. The jump is significant given that Bitcoin has seen a surge of 117.47 percent during the same period.
Musk’s continued tweets on the cryptocurrency lead to a 68 % jump in Dodgecoin on Wednesday, according to CoinDesk. As of 11.30 am on Thursday, the value of Dogecoin is $0.13 or nearly 14 cents.
Elon Musk has always been very vocal about his interest in crypto currency. He has even shown his interest in bitcoin, and recently, his company Testla invested $1.5 billion in Bitcoin, which sent the crypto surging to an all time high.
Elon Musk has already backed two crypto currencies, and they are both now the biggest ones so far. We’re curious to see what other crypto currencies Musk will be tweeting about.
What is Dogecoin?
Dogecoin is a cryptocurrency which was created in the December of 2013, by two software engineers Billy Markus and Jackson Palmer. It is a digital currency just like Bitcoin, used for e-transactions. Hilariously, the coin got its name from a ‘doge’ meme and has a picture of the shiba inu on it.
The currency came into global prominence after Tesla’s chief executive officer (CEO) Elon Musk, rapper Snoop Dogg and rock band Kiss’ bassist Gene Simmons mentioned it on Twitter.