Dogecoin is surging after a number of celebrities including billionaire Elon Musk appeared to back the cryptocurrency on Twitter.
So … it’s finally come to this … pic.twitter.com/Gf0Rg2QOaF
— Elon Musk (@elonmusk) February 7, 2021
The meme-inspired token rose 65% in 24 hours to a record high of $0.083745 at 5:30 p.m. ET on Sunday, according to data from CoinMarketCap. As of 5 a.m. ET Monday, dogecoin was up 25% at a price of $0.07415.
Dogecoin’s stellar run has boosted its market value to over $9.5 billion — it briefly hit a high of $10.7 billion Sunday — making it the No. 10 digital coin on CoinMarketCap’s ranking.
At its intraday peak, trading volume in dogecoin had reached around $13.5 billion in the last 24 hours.
Retail investors have pumped up dogecoin’s price recently, taking their cue from the tweets of Tesla CEO Elon Musk. Musk has tweeted about dogecoin several times over the years.
Even the prominent American Rapper, Snoop Dogg twitted his morphed picture with a dog and titled it as Scoop Doge. He also mentioned the world richest man Elon Musk.
— Snoop Dogg (@SnoopDogg) February 6, 2021
The tweets have led to an 800% surge in dogecoin’s price.
Musk has seen made several tweets about dogecoin. Just two days after saying he planned to take a break from Twitter “for a while,” Musk returned, posting dogecoin memes and calling the token “the people’s crypto.”
He has been joined by the likes of Snoop Dogg and Kiss singer Gene Simmons in posting tweets backing dogecoin.
Dogecoin’s resurgence in the last few weeks has also been down to enthusiasm from a Reddit group called SatoshiStreetBets, which aims to pump up the prices of cryptocurrencies.