Dogecoin Roars On Elon Musk & Snoop Dogg Tweets

Summary

  • 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 per cent rise on Monday, February 8.
  • Social media users estimate that dogecoin can hit US$1 per unit, which is still more than 1,000 per cent away from this projected target.

 

The world’s richest person has been tweeting in favor of a meme-based crypto coin, Dogecoin, for the last one month. In a series of Twitter posts, Mr Musk has called the mid-cap coin a rival of giant cryptocurrency bitcoin.

Dogecoin’s price soared to a record high of US$0.087159 per coin on Monday, February 8, as Mr Musk tweeted an instructional video with the caption “Ð is for Ðogecoin!’

The video features dogecoin’s mascot, Shiba Inu, a Japanese dog who is flying in a rocket and surpassing its peers such as Litecoin and Bitcoin.

Popular American rapper Snoop Dogg, who has a substantial Twitter following, also tweeted in favor of the crypto token and tagged Mr Musk’s handle.

Next, dogecoin soared more than 37 per cent in one-day trading.

Dogecoin is also surging on the back of Tesla’s whopping US$ 1.5-billion investment in bitcoin, the world’s largest digital coin.

Mr Musk’s romance with the cryptocurrency has been going on for a while now. He even changed his Twitter bio to “#bitcoin”.

Dogecoin started its journey as a crypto-meme internet account in 2013, but now it ranks among the top ten cryptocurrencies. Dogecoin was formed by Billy Markus and Jackson Palmer to create jokes on cryptocurrencies.

The virtual coin is now worth US$ 9.5 billion, with an eye-popping surge of 1293 per cent 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.

 

 

Social Media Users Bet On Dogecoin

 

A community of Redditors have been wagering on dogecoin and expects it to gain over US$ 1 per Doge.

Image Source: Kalkine Group @2021

 

Questions such as a ‘What is a meme-crypto?’ ‘What is a dog-coin/doge coin?’ and ‘Will it hit US$ 1?’ have been trending for the last few weeks on Twitter and Reddit.

On the back of these popular tweets, Dogecoin witnessed a remarkable rally of more than 400 per cent on January 29, 2020.

Dogecoin’s blockchain-run system, operated by volunteers, faced problems to adjust the influx of unprecedented trading. The heavy trading forced Doge’s network to extend its server space.

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