Cryptocurrency

Dogecoin price grows by more than 90% to record levels after Elon Musk’s tweets

The Dogecoin cryptocurrency surged more than 90% to a record high on Friday, putting its gain for the week at almost 300%.

The latest rally in Dogecoin came two days after billionaire Elon Musk tweeted, “Doge Barking at the Moon”, accompanied by an image of Spanish artist Joan Miró’s painting, “Dog Barking at the Moon.”

The Tesla chief executive has previously tweeted about Dogecoin, which is based on a popular internet meme. On February 4, Dogecoin surged over 60% after Musk tweeted about it.

It last traded at about 34 cents after reaching as high as 45 cents, according to data on blockchain and cryptocurrency website Coindesk. So far in 2021, Dogecoin has surged over 7,000.

Dogecoin was created largely as a satirical critique of the 2013 crypto frenzy, and it can be bought and sold on digital currency exchanges.

Earlier this month, data and market trackers CoinGecko and Blockfolio reported that the cryptocurrency market capitalization hit an all-time peak of $2 trillion, as gains over the last several months attracted demand from both institutional and retail investors.

Dogecoin has also enjoyed something of a cult status on internet message board Reddit, where a popular group — not unlike the WallStreetBets group behind GameStop’s rally — decided earlier this year to propel its value “to the moon.” Dogecoin soared over 600% in the wake of that push.

Bitcoin has risen more than 100% this year, while ethereum has gained nearly 190%.

Sponsored
Hamza Zakir

Platonist. Humanist. Unusually edgy sometimes.

Leave a Comment
Share
Published by
Hamza Zakir

Recent Posts

China’s Tencent Releases Large Language Model, Opens it For Enterprise Use

Capable of conversing in both Chinese and English, Tencent’s large language model ‘Hunyuan’ is claimed…

7 months ago

Apple Reportedly Spending ‘Million of Dollars Each Day’ for AI Training

Working on multiple AI models, Apple has allocated several teams who are working on artificial…

7 months ago

World’s Largest Wind Turbine Breaks Record For Power Generated In A Single Day-During A Typhoon

The world's largest offshore wind turbine has achieved a milestone by setting a new record…

7 months ago

YouTube Will Let You Play Mini Games Soon

YouTube is stepping into the world of gaming. YouTube has started testing out its gaming…

7 months ago

Pakistani Student Won First Position In Matric Exams of UAE

In a remarkable academic achievement, Abdullah Zaman, a Pakistani student hailing from Attock, has clinched…

7 months ago

‘Flying Bum’ World’s largest Aircraft Is Ready To Launch In 2026 With Hybrid Technology

Flying Bum, the world's largest aircraft is ready to launch in 2026. The Airlander 10…

7 months ago