Why Dogecoin roars on Elon Musk & Snoop Dogg Tweets ?

Dogecoin rocketed to an all-time high over Elon Musk’s tweet, which featured its mascot Shiba Inu dog. It recorded a new high of US$0.087159 per unit, with a 37 percent rise on Monday, February 8. Social media users estimate that dogecoin can hit US$1 per unit, which is still more than 1,000 percent away from this projected target.

Mr. Musk’s romance with the cryptocurrency has been going on for a while now. He even changed his Twitter bio to “#bitcoin”. The virtual coin is now worth US$ 9.5 billion, with an eye-popping surge of 1293 percent year-to-date (YTD). There is no supply cap for this coin. Hence, it can deliver immense growth. Its current total supply is 128.16 billion against bitcoin’s total supply of 18.62 million.

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