The virtual currency, which features the face of a Shiba Inu dog as a logo, soared more than 100% to a record high of $ 0.298 on Friday morning, according to cryptocurrency data and news provider Coindesk. This comes just two days after it surpassed ten cents in value for the first time as investors prepared for the direct listing of Coinbase Global cryptocurrency exchange.
The last impulse comes later Tesla (TSLA) CEO Elon Musk, Dogecoin’s biggest fan, said “Doge Barking at the moon” in a tweet. He also shared a photo of a painting by Spanish artist Joan Miró, entitled “Dog barking at the moon”.
It’s not the first time Musk’s tweets have increased the value of Dogecoin, which began as a parody on the Internet more than seven years ago. In February, a series of tweets from the technology billionaire – who has more than 50 million followers on Twitter – had sent rival bitcoin more than 50% in the trade.
“Dogecoin is popular cryptography,” he tweeted then.
Musk had previously been critical of the more established bitcoin, once he called it “BS “in a tweet. But inside a February interview on the social app Clubhouse, Musk said he should have bought this digital currency eight years ago. His company Tesla also allows customers to buy cars with bitcoin.
Dogecoin has also enjoyed cult status Reddit’s message board, where a popular group – unlike the WallStreetBets group behind the GameStop rally – decided earlier this year to push its value “to the moon”. Dogecoin soared more than 600% as a result of this boost.
At the time of publication, the currency was trading at $ 0.26 and had reached a total market value of $ 32 billion. Although it started as a joke cryptocurrency in 2013, inspired by an Internet meme in which “doge” became one more term for “dog,” more than 5,000% has skyrocketed since the beginning of ‘year.