Dogecoin [DOGE] has seen an impressive run this season. It was up by an astonishing 130% over the last weekly and was currently breezing through its recent record of $0.0792.
Thanks to several prominent figures like rapper Snoop Dogg, the former Kiss frontman, Gene Simmons who have demonstrated support for the Shiba-Inu featuring meme-coin, people are now investing heavily and declaring themselves fans on Twitter. But that’s not it.
But it was not until Tesla Chief’s series of tweets that sparked off a massive bullish spree for Dogecoin.
When Elon Musk Speaks, the world listens.
Dogecoin’s Price Madness
The seven-year-old coin is now the fourth-largest with respect to the 24-hours trading volume which was found to be at $9.942 billion.
Dogecoin had previously replaced several altcoins such as Bitcoin Cash [BCH] to climb to the 8th spot by market cap in the cryptocurrency ladder, a position that the token had failed to maintain following which it dropped to the 10th position.
Despite the slip, Dogecoin’s market value has more than doubled over the past week alone.
What further catalyzed Dogecoin was Musk’s yet another tongue-in-cheek tweet, saying “Who let the DOGE out” amid the rally. What started out as a joke coin back in 2013 was now riding a wave of game-changing popularity on social media, driven by the speculative frenzy of retail investors.
Dogecoin has the internet abuzz. However, many were quick to notice how Musk “shilled” DOGE for weeks but his company Tesla ended up buying a whopping $1.5 billion worth of Bitcoin. many pointed out that Musk successfully distracted the community with DOGE while secretly taking a gigantic bite of Bitcoin
This is what Coin Center’s Neeraj Agarwal had to say about the entire episode,
“My theory is Elon is very addicted to tweeting but knew he would get in trouble for posting about bitcoin too much before the 10-K. So he channeled his desire to post about bitcoin into posting about dogecoin.”
Despite all the theories by several industry experts and community members, Doge is now worth more than Western Union, Under Armour, and Xerox Holdings as investors continue to pour money.