Dogecoin is growing rapidly after billionaire Elon Musk and a number of celebrities supported the cryptocurrency on Twitter.
Dogecoin’s stellar growth boosted the cryptocurrency’s market value to over $ 9.5 billion, and it briefly peaked at $ 10.7 billion on Sunday, helping the digital coin take its tenth spot. in the ranking most expensive cryptocurrencies by market capitalization CoinMarketCap.
Dogecoin was created in 2013 and is based on a popular meme at the time. «doge», which depicts a Shiba Inu dog next to a multi-colored text in Comic Sans font. The cryptocurrency was originally conceived as a joke, but has since gained many fans..
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Most recently, he posted a photo of a fictional magazine. "Dogue", thus beating the popular fashionable name "Vogue", which led to an increase in the price of dogecoin by 800%.
Musk subsequently backed Bitcoin (BTC), stating that he «is on the verge of widespread acceptance» in the financial sector. But he added that he did not have «strong opinion» about other digital currencies and that his tweets about Dogecoin should be taken as a joke.
«But fate loves irony», – said Musk recently on the Clubhouse social audio app. «The most interesting and ironic outcome would be that Dogecoin will become the currency of the Earth in the future.».
Musk made several tweets about Dogecoin. Just two days after Musk announced he was planning «for a little while» take a break from Twitter, he unexpectedly returned by posting memes with Dogecoin and naming the token «folk cryptocurrency».
He was joined by such eminent performers as the rapper Snoop Dogg and the band’s vocalist Kiss Gene simmons (Gene Simmons), who also tweet supporting dogecoin. Snoop Dogg, whose real name is Calvin Cordozar Broadus Jr. (Calvin Cordozar Broadus Jr.), tweeted Musk to parody one of his albums. Album cover words changed to «Snoop doge».
Meanwhile, Gene Simmons, whose real name is Gene klein, actively promoted dogecoin among his followers, posting popular crypto slang phrases on Teitter, such as «HODL» and «to the moon». Klein says he invested in dogecoin «six figures», and also owns other cryptocurrencies including bitcoin.
This episode is reminiscent of the cryptocurrency craze at the end of 2017, when the price of bitcoin soared to nearly $ 20,000 and fell to almost $ 3,000 the following year. as «initial coin offer» (Initial coin offering, ICO).
Dogecoin’s resurgence in the past few weeks has also been fueled by enthusiasm from a Reddit group called SatoshiStreetBets. Like the WallStreetBets sub-forum that fueled the recent GameStop rally, SatoshiStreetBets aims to drive up cryptocurrency prices..