Recently, a tweet from the CEO of Tesla, Elon Musk has propelled Dogecoin up to a brand-new all-time high of $0.313. The latest ATH in a streak over the last few days. The tweet, which was posted on Thursday, is proclaimed to have prompted an 85% surge in Dogecoin’s value. A picture of a painting by artist Joan Miró was attached in the Tweet, with a manipulated title of “Doge Barking at the Moon.”
The data provided from the CoinMarketCap further indicates that Dogecoin currently has a market cap of almost $41 billion, it ranks in 7th place by market capitalization amongst all the other digital currencies. However, this isn’t the first time Musk’s tweets have inflated the value of Dogecoin, which originated as an internet parody more than seven years ago. In February, a series of tweets by the billionaire entrepreneur who has more than 50 million followers on Twitter, had sent the bitcoin competitor up more than 50% in trading. “Dogecoin is the people’s crypto,” he tweeted at the time.
Moreover, Elon Musk previously has been discerning the more established bitcoin, once describing it as “BS” in a tweet. However, in a February interview on social app Clubhouse, Musk stated that he should have purchased that digital currency eight years ago. His firm Tesla is also permitting customers to acquire cars with bitcoin. Furthermore, other entrepreneurs have also been promoting Dogecoin.
Dallas Mavericks owner Mark Cuban in March joined BitPay to enable his National Basketball Association (NBA) supporters to buy tickets and merchandise using Dogecoin as a payment method. He also predicted the $1-price mark of the said cryptocurrency. Renowned chef Guy Fieri, American singer Kevin Jonas, and rapper Lil Yachty are also amongst the major personalities promoting Dogecoin.
Image Source: Yahoo Finance