Under the Elon Musk effect, the Dogecoin explodes records!

Under the Elon Musk effect, the Dogecoin explodes records!

A tweet from Elon Musk was enough for Dogecoin (DOGE) to soar by more than 300% in 7 days. Stealing the spotlight from other crypto-currencies, Dogecoin has risen to fifth place in terms of capitalisation, after reaching a record high of $0.43.

An entry into the Top 10 most valuable virtual currencies

In the wake of Coinbase’s IPO and Elon Musk’s tweets, Dogecoin has seen an impressive 300% increase in value in the space of a week. After reaching a record value of 28 US cents per unit, the virtual currency is now worth $34 billion. This feat is rewarded by its entry into the Top 10 most valued cryptocurrencies, far ahead of the likes of Cardano (ADA), Polkdaot and Litecoin (LTC). This puts the crypto-meme in fifth place in the market.

Support from billionaires

Dogecoin enjoys the support of Elon Musk, boss of Tesla and Mark Cuban owner of the Dallas Mavericks NBA team.

On 14 April, Mark Cuban tweeted: « FYI, Mavs Dogecoin sales have increased 550% in the last month. We have now sold over 122,000 DOGE in merchandise!  We will never sell a single DOGE. So keep buying. His message was immediately perceived as a buying advice.

The next day, Elon Musk retorted by posting on twitter a painting by Miro that he played with: « DOGE barking at the moon ». Immediately after this, dogecoin hit a 24-hour high of $0.43.

Note that dogecoin was originally created to parody cryptocurrencies. It was created in 2013 by Billy Markus and Jackson Palmer.

Tianah.R

Photo credits: C Crypto

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