Dogecoin (DOGE) price soared more than 55% Sunday, moving four places on the list of most-valuable cryptocurrencies to number seven. The meme cryptocurrency rose after American rapper Snoop Dogg joined DOGE booster-in-chief Elon Musk and Kiss rock star Gene Simmons in tweeting a Shiba meme Inu, the dog breed that represents the DOGE token.
Snoop Dogg and Gene Simmons have been supporting the “Doge Army” over the weekend alongside Tesla CEO Elon Musk. A few hours after Dogg’s Tweet, Musk tweeted on Feb. 7. a Lion King-inspired picture of himself holding up Simmons holding up Snoop Dogg, who in turn is holding up a Shiba Inu. The cryptocurrency’s price rose by 27%. DOGE is the native cryptocurrency of Dogecoin that has now become a household name.
Dogecoin, The People’s Crypto
Dogecoin’s social media rally shows the revival in cryptocurrencies over the past year. The two most significant tokens, Bitcoin and Ether, both scaled fresh peaks in recent weeks amid a debate about whether they’re blipping onto the radar of long-term investors or being lifted by waves of speculative buying in a world awash with stimulus.
On Wednesday night, Elon, Tesla CEO, tweeted that Doge is the people’s crypto. He added that the will of the people will determine its worth and that he’s down to give it some exposure if it facilitates Doge’s growth to that end. He also said that Dogecoin was once trading below a penny, but it’s gotten as high as 8 cents. Dogecoin has risen by some 600% since last year. Kevin Jonas, a pop music star, also added his support for the cryptocurrency with a Saturday evening tweet.
Elon had tweeted about Dogecoin several times since April 2019, when he declared that Dogecoin could be his fav cryptocurrency. Musk has proven multiple times that his tweets can move markets.
The coin has also caused a Reddit-driven retail investor wave as stocks like GameStop and AMC were further accelerated by Elon Musk’s tweets pumping Dogecoin over the past two weeks.
Meme Cryptocurrency
Dogecoin was invented in 2013 by two computer jocks to parody the thousands of currencies that sprang up in Bitcoin’s wake, naming it after the “doge” (pronounced “DOZH”) meme that paired photos of a wide-eyed Shiba inu with the dog’s supposed inner monologue. It is considered a meme cryptocurrency within the crypto market that started as a joke. It lacks a use case but has an active community around it.
Just recently, Dogecoin became the most-tweeted cryptocurrency in a day, outperforming bitcoin’s single-day record from Jan. 2. Last week, Robinhood turned off its Instant Buying feature, as Dogecoin was surging drastically, thus allowing customers to get direct access to bank transfers for bitcoin and Dogecoin.
