Go, Doge, Go? Dogecoin Skyrockets After Elon Musk Tweets

Bitcoin has loved a powerful bull market in 2020 and 2021. Earlier this week, it traded as excessive as $64,780 per coin — an 825% enhance from this time final yr and a rise of greater than 120% yr to this point. However one other cryptocurrency — and a comparatively obscure one, at that —


Bitcoin has loved a powerful bull market in 2020 and 2021. Earlier this week, it traded as excessive as $64,780 per coin — an 825% enhance from this time final yr and a rise of greater than 120% yr to this point.

However one other cryptocurrency — and a comparatively obscure one, at that — has far outpaced its development.

Dogecoin traded as excessive as $0.487 on Friday morning — a 24,200% enhance from this time final yr and a rise of greater than 840% yr to this point.

Dogecoin has a storied previous…

In 2013 two software program engineers launched the cryptocurrency. Reportedly began as a joke, it options the face of a Shiba Inu canine from a “doge” meme that was common in 2013.

One of many founders, Billy Markus, bought all of his holdings in 2015 after shedding his job. In response to Cointelegraph, he used the money to purchase a used Honda Civic.

In the course of the 2017 crypto bull market, the coin rallied however pale like bitcoin and most different cryptocurrencies.

However in late 2020, it started trending on the favored video app TikTok. Customers inspired one another to purchase Dogecoin and ship the worth to $1.

In the course of the brief squeeze of GameStop Corp. (NYSE: GME) in January, Dogecoin rallied 800% in lower than 24 hours. That rally occurred after Tesla, Inc. (NASDAQ: TSLA)’s CEO Elon Musk tweeted a cryptic message in regards to the cryptocurrency.

Musk has continued to advertise Dogecoin on Twitter ever since. Sending a tweet on February 4, together with the be aware, “ur welcome.”

Minutes later, he declared it to be “the individuals’s crypto” in one other tweet.

Yesterday was the third day in a row that Dogecoin reached new all-time highs. And Musk added yet another tweet to the fireplace … test it out right here.

At writing, the rally runs on.

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Picture: Margaret Jung/Shutterstock.com





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