The meme-inspired token rallied 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 mark of $0.07415.
Dogecoin’s stellar escape has boosted its market value to over $9.5 billion — it temporarily hit a high of $10.7 billion Sunday — making it the No. 10 digital coin on CoinMarketCap’s ranking.
At its intraday peak Sunday, trading volume in dogecoin had reached around $13.5 billion in the last 24 hours.
Dogecoin was created in 2013 and is based on the then-popular “doge” meme which portrays a Shiba Inu canine alongside multi-coloured textual swear material in Humorous Sans font. The cryptocurrency was initially started as a joke however has since gained a following.
Extra impartial lately, he posted a image of a fictional “Dogue” magazine — a play on the popular fashion title “Vogue” — leading to an 800% surge in dogecoin’s mark.
Musk due to this fact threw his abet at the back of bitcoin, saying it is miles “on the verge of getting broad acceptance” in finance. But he added he doesn’t have a “solid opinion” on other virtual currencies and that his tweets about dogecoin are meant to be taken as jokes.
“But fate loves irony,” Musk said impartial lately on the social audio app Clubhouse. “Essentially the most entertaining end result and essentially the most ironic end result would be that dogecoin turns into the currency of Earth in the long escape.”
Musk has seen made several tweets about dogecoin. Apt 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 folk’s crypto.”
He has been joined by the likes of Snoop Dogg and Kiss singer Gene Simmons in posting tweets backing dogecoin. Snoop Dogg, whose real name is Calvin Cordozar Broadus Jr., tweeted at Musk with a parody of 1 of his albums. The phrases on the album duvet are replaced with “Snoop Doge” while the doge image covers Broadus’ face.
Meanwhile, Gene Simmons — whose actual name is Gene Klein — has actively promoted dogecoin to his followers, tweeting popular slang phrases in crypto adore “HODL” and “to the moon.” Klein says he made a “six pick” investment in dogecoin and also owns other cryptocurrencies, together with bitcoin.
The episode is such as the late-2017 crypto craze, when bitcoin’s mark skyrocketed to almost $20,000 prior to plummeting shut to $3,000 the next year. Multiple celebrities had overestimated crypto in 2017, with some endorsing a controversial build of crowdfunding known as an “initial coin offering.”
Dogecoin’s resurgence in the last few weeks has also been down to enthusiasm from a Reddit neighborhood called SatoshiStreetBets. Care for the WallStreetBets subreddit, which helped gas the recent GameStop rally, SatoshiStreetBets aims to pump up the costs of cryptocurrencies.