Elon Musk Tweeted Dogecoin Hit A Record High

When Elon Musk Tesla’s CEO  mentioned the cryptocurrency Dogecoin several times on his Twitter, Dogecoin hit a record high on the 7th

Dogecoin is a cryptocurrency created by software developer Billy Marcus in 2013. Musk posted several tweets mentioning Doge Coin, such as “Who let the Doge out“. Musk’s tweet, Dogecoin surpassed 8 cents for the first time on this day. According to CoinMarketCap, Dogecoin soared to 8.2 cents at 5:45 pm (East US time). This is a 53% increase in the last 24 hours. Dogecoin once reached the 8th place in the virtual currency market cap with a market cap of $10 billion.

Bloomberg said, “The price has recovered after Musk sent a series of tweets promoting Dogecoin for the past week,” Bloomberg said. Dogecoin’s price plunged to 2.5 cents a week ago.

On the 29th of last month, Musk uploaded the image of the fake magazine’DOGUE’, which is modeled after a dog, imitating the cover of the fashion magazine’Vogue’ on his Twitter. At the time, as online communities such as Reddit talked about creating a’virtual currency version of GameStop’, the transaction volume was increasing rapidly. Reddit users accepted Musk’s tweet as a signal to buy Dogecoin, and the value of Dogecoin jumped more than 800% during the day.

On the 4th, Musk posted a tweet calling Dogecoin “everyone’s virtual currency” and the price of Dogecoin soared more than 50%.

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