Key highlights:
- Elon Musk has been mentioning Dogecoin a lot recently, and he has encouraged people to buy it
- Now, other people like Snoop Dogg are joining in promoting the meme cryptocurrency
Dogecoin is a cryptocurrency that was initially started as a lighthearted parody of cryptocurrency. However, due to its relatively early entrance into the cryptocurrency space, Dogecoin has managed to display staying power and has a somewhat legendary status in the cryptocurrency community. After being mentioned by Elon Musk multiple times, Dogecoin was brought into the spotlight once again, and attracted the attention of an army of speculators. As a result, the Dogecoin price has increased by almost 650% in the last month alone.
Famous rapper Snoop Dogg recently joined other celebrities like Elon Musk and Gene Simmons to promote the meme cryptocurrency higher. His tweet featured Shiba Inu, a dog breed that’s used as a mascot for Dogecoin.
Dogecoin price reacted to the tweet
Dogecoin was trading at around $0.056 at the beginning of Sunday. Soon after the tweet, it touched $0.0872, which was a new all-time high. The coin experienced more than 55% growth in 24 hours. The recent rise of Dogecoin is outstanding, and many people are dreaming about Dogecoin having a price of $1.
Some hours after the tweet, Elon Musk, the CEO of Tesla who is not just pumping Dogecoin, tweeted a Lion King-inspired picture that featured Dogecoin, Snoop Dogg and Gene Simmons, a member of the legendary rock band Kiss. Simmons has recently gone viral in the cryptocurrency community on Twitter by promoting cryptocurrencies like Dogecoin and XRP.
The cryptocurrency market is small enough that celebrity endorsements can result in major price movements. The recent attention given to Dogecoin was enough for the coin’s market cap to temporarily surpass Bitcoin Cash, Chainlink, Litecoin, and Binance Coin. Dogecoin has since dropped back to the 10th spot in the cryptocurrency market cap rankings, and currently has a market cap of $9.9 billion.
Dogecoin started as meme cryptocurrency, and from a technological point of view, it does not offer much in the way of unique features. However, its recent ascent has shown the power that memes and viral social media activity can have on the cryptocurrency markets.
