Cryptocurrency

Dogecoin price grows by more than 90% to record levels after Elon Musk’s tweets

The Dogecoin cryptocurrency surged more than 90% to a record high on Friday, putting its gain for the week at almost 300%.

The latest rally in Dogecoin came two days after billionaire Elon Musk tweeted, “Doge Barking at the Moon”, accompanied by an image of Spanish artist Joan Miró’s painting, “Dog Barking at the Moon.”

The Tesla chief executive has previously tweeted about Dogecoin, which is based on a popular internet meme. On February 4, Dogecoin surged over 60% after Musk tweeted about it.

It last traded at about 34 cents after reaching as high as 45 cents, according to data on blockchain and cryptocurrency website Coindesk. So far in 2021, Dogecoin has surged over 7,000.

Dogecoin was created largely as a satirical critique of the 2013 crypto frenzy, and it can be bought and sold on digital currency exchanges.

Earlier this month, data and market trackers CoinGecko and Blockfolio reported that the cryptocurrency market capitalization hit an all-time peak of $2 trillion, as gains over the last several months attracted demand from both institutional and retail investors.

Dogecoin has also enjoyed something of a cult status on internet message board Reddit, where a popular group — not unlike the WallStreetBets group behind GameStop’s rally — decided earlier this year to propel its value “to the moon.” Dogecoin soared over 600% in the wake of that push.

Bitcoin has risen more than 100% this year, while ethereum has gained nearly 190%.

Sponsored
Hamza Zakir

Platonist. Humanist. Unusually edgy sometimes.

Share
Published by
Hamza Zakir

Recent Posts

PayPal Resolves Global Outage Impacting Thousands

PayPal, the global payment processing company, announced on Friday that it had successfully resolved a…

46 mins ago

7,300 Teaching Interns Hired Across Punjab

LAHORE: Punjab government colleges have completed the recruitment of 7,354 teaching interns. The Higher Education…

1 hour ago

Pakistani Engineers To Get Free AI Training from PEC

The Pakistan Engineering Council (PEC) is launching a free six-week online training program on Generative…

2 hours ago

VPN Ban Could Cost Pakistan’s IT Industry $1 Billion, Warns P@SHA

The Pakistan Software Houses Association (P@SHA) has raised alarms about the severe impact of the…

15 hours ago

WhatsApp Trials Group Chat Mentions in the Latest Status Update Feature

WhatsApp is rolling out a new feature in its latest Android beta version, allowing users…

15 hours ago

PTA Chairman Confirms No Orders for Mobile Service Shutdown

ISLAMABAD: Chairman of the Pakistan Telecommunication Authority (PTA), Major General (retd) Hafeez-ur-Rehman, confirmed that no…

16 hours ago