The price of Dogecoin continues to surge after billionaire Elon Musk and other celebrities appeared to back the meme cryptocurrency on Twitter. The token rallied by 65 percent in 24 hours to a record high of $0.083745 USD at 5:30 p.m. eastern time on Sunday.
As of 5:00 a.m. eastern time Monday, Dogecoin was up by 25 percent at a price of $0.07415 USD. The first pump was seen at the end of January when the price of DOGE went from $0.0073 to $0.073 on Bittrex.
Dogecoin’s latest run has boosted its market value to over $9.5 billion USD, making it the No. 10 digital coin in CoinMarketCap’s rankings. The token is now worth more than the likes of Stellar (XLM), AAVE, Uniswap (UNI), EOS, Elrond, Tron (TRX), Tezos (XTZ) and Synthetix (SNX).
Dogecoin Ongoing Rally
Dogecoin’s ongoing rally was started by Tesla and SpaceX CEO Elon Musk, and then carried forward by other celebrities. Musk has posted a series of tweets promoting the meme cryptocurrency, deeming it “the people’s crypto.”
In addition to Elon Musk, musician Gene Simmons recently promoted DOGE. The “seven figure” Bitcoin HODLer said he bought “six figures” of DOGE and tweeted about the cryptocurrency going to the moon.
Shark Tank’s Mark Cuban added: “If I had to choose between buying a lottery ticket and Dogecoin …..I would buy Dogecoin”. Cuban, who found more worth in a banana than cryptos, recently revealed that he owns Bitcoin, Ether, Litecoin, and popular DeFi tokens like AAVE and SUSHi.
Dogecoin was launched in 2013 as mostly a joke and is named after an internet meme that surfaced nearly a decade ago. The meme centered around an image of a Shiba Inu dog with bad spelling habits (thus doge instead of dog).
Users can buy Dogecoin with a credit card on cryptocurrency exchanges and trading platforms, including Robinhood Markets Inc. A vocal group of buyers on Reddit have made it their mantra to push the token to $1.
In theory, it will be difficult for Dogecoin to hit $1. The rise of GameStop, however, has reminded investors that anything is possible.