Dogecoin is up 300% in a week
For the second time this week, the Dogecoin coin has achieved a milestone, and this time, it may be thanks to the richest man in the world.
Dogecoin started out as a joke, but is now a top 10 cryptocurrency worth $ 34 billion, and features a Shiba Inu dog face as its logo.
It was created in 2013 by software engineers Billy Markus and Jackson Palmer and was intended to be used as a faster but fun alternative to Bitcoin.
It has since found a growing community online, and the total market value of this coin has now reached $ 34 billion, adding about $ 19.9 billion in the past 24 hours.
The digital token reached an all-time high of over 30 cents, more than double in price compared to the previous day.
It is not the first time that Dogecoin has experienced a massive spike, and like many cryptocurrencies, this coin suffers from fluctuations in price.
And earlier this year, Dogecoin started to climb, jumping on the back of enthusiasm from a Reddit group called SatoshiStreetBets, which aims to raise the prices of cryptocurrencies.
Dogecoin is up again in the past week, reaching 10 cents for the first time, while it has risen by a whopping 300 percent in the past seven days.
A Reddit user posted a picture of his Dogecoin, saying, “I just became a millionaire, showing a balance of $ 1081441 in his account.”
Dogecoin has attracted a following among Robinhood users, and the online brokerage said Thursday: There has been a major disruption to cryptocurrency trading after encountering an unprecedented demand.
The latest installment comes after Elon Musk, CEO of Tesla and a major Dogecoin fan, wrote a new tweet about the digital currency.
This is not the first time that Musk's tweets have raised the value of Dogecoin, as a series of tweets posted by the tech billionaire in February - who has more than 50 million followers on Twitter - led to the coin rising by more than 50 percent.
And Dogecoin's rise has triggered fears of a potential bubble in the cryptocurrency market.
Some investors view Bitcoin as a speculative bubble, as the value of the world's most popular digital currency has doubled since the start of 2021.
Doge Barking at the Moon pic.twitter.com/QFB81D7zOL
— Elon Musk (@elonmusk) April 15, 2021