Hot DOGE! Meme-Based Cryptocurrency Soars More Than 800% to Record High

Well known DOGE lover Elon Musk tweeted a picture of dog posing on the cover of a magazine, a likely nod to DOGE’s surge.

Dogecoin (DOGE) surged more than 800% Thursday to about $0.082 per coin, giving the meme-based cryptocurrency a market value of about $7 billion and apparently prompting a congratulatory tweet from DOGE lover Elon Musk.

  1. DOGE, which was started as a joke in 2013, is now the 10th most valuable cryptocurrency by market value, just behind Bitcoin Cash and ahead of BNB.
  2. The price of DOGE rose to an all-time high of $0.082 per Messari, before settling down to $0.073, up 822% over the last 24 hours and bringing the year-to-date gains to about the same amount. Over $12 million worth of DOGE traded in the past 24 hours.
  3. Why the token has soared is unclear but it’s likely largely caused by attention from public Reddit trading collective Wall Street Bets along with a TikTok post about the “dogecoin army” by niche celebrity Carole Baskin from Netflix’s “Tiger King.”
  4. Regardless of why DOGE is barking so loudly today, it certainly captured the imagination of the crypto pack and beyond. According to data provider The Tie, DOGE set a new record for the most tweets on a cryptocurrency over a 24-hour period, besting the previous marks set by leading cryptocurrency bitcoin on Jan. 2, 2021, and Dec. 22, 2017.
  5. Erratic price action is not unusual for any cryptocurrency, let alone dogecoin. Last month, a few tweets from Tesla CEO Elon Musk sent the token flying. Today, Musk tweeted a picture of dog posing on the cover of a magazine, a likely nod to DOGE’s surge.

coindesk.com

Hot DOGE! Meme-Based Cryptocurrency Soars More Than 800% to Record High

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