Categories: Business
| On 5 months ago

Elon Musk Endorsed Dogecoin Soars to Record High

By Aswin Kumar

Dogecoin, a cryptocurrency established as a meme coin, is now way more serious than just a meme. The coin which was trading at $0.002277 a year ago is now trading at $0.5633 with a market capitalization of 70 billion as of May 4, 2021.

Dogecoin is a cryptocurrency that was originally formed in 2013. Doge was built to be a friendly introduction to the concept of cryptocurrency for the layman and had a ‘fun and friendly brand image behind it. The face of DOGE was the dog Shiba Inu, who became popular as the DOGE meme. It literally became a ‘meme cryptocurrency’. Nobody in the early years believed DOGE would become as valuable as it is today.

Why Dogecoin is so popular?

Dogecoin is popular due to the community surrounding it. Many influential personalities supported the coin, among which SpaceX founder, Elon Musk played a curious role in popularizing the ‘meme cryptocurrency’. The tweets by Elon Musk over the past months boosted the coin’s price from $0.003 as of February 2021 to its 52-week record high of $0.5633.

Over the past couple of days on May 3 and May 4, the price of Doge went from $0.37 to $0.44 dollars, which is an 18 return in the price in just 2 days. The reason behind this staggering rise is of course the billionaire, Elon Musk, who wrote a tweet on his Twitter handle on 28th of April, in which he says that he is going to host SNL on 8th of May and he might bring up Dogecoin on the show.

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This tweet went crazy and netzines started placing buy orders in large numbers as they anticipated a pump in the price when he will talk about the coin on the show which crashed many exchanges like Robinhood and WazirX in no time.

The coin is soon expected to hit $1 mark due to its huge popularity supported by popular celebrities. The coin is anticipated to hit its target on 8th of May because of the tweet by Elon Musk and its staggering returns are attracting more investors to invest in the coin.

Along with Doge, Ethereum, which is the second largest cryptocurrency also broke its $3400 record and is expected to become a mainstream coin after Bitcoin in the coming years.

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Aswin Kumar

A creative science nerd! Buy me a coffee: buymeacoffee.com/aswinkumar

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