Elon Musk’s favorite cryptocurrency, Dogecoin, has exploded thanks to tweets from the businessman, who celebrated the new update of the ‘meme’ coin.
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September 2, 2021
3 min read
According to data from the specialized platform CoinMarketCap, the cryptocurrency which was born as a joke in 2013, the Dogecoin (DOGE), its value increased around 4.600% in the last year. This achievement is largely due to the boost given by the billionaire Elon musk, who has made it clear that it is his favorite digital currency.
In August 2020, each token of DOGE It cost 0.002802 cents on the dollar, and today it is trading at 0.2964 dollars. This price is still below its all-time high: almost 0.69 cents on May 6.
The analysis of the platform also places the Dogecoin as one of the top performing cryptocurrencies in the second quarter of 2021. So far this year, the meme-inspired digital currency has seen growth of 400%. Only in the last 24 hours it rose 12%.
Elon Musk, the biggest fan and promoter of Dogecoin
The Tesla CEO and Spacex, Elon musk, has been the strongest and most controversial promoter of the Dogecoin. Every time the mogul tweets something about the cryptocurrency meme, it increases in value practically instantly.
Even though his devotion to DOGE It has gotten him into trouble, the 50-year-old businessman continues to openly support him.
This week the developers of Dogecoin announced on Twitter an update to the platform, which will reduce transaction fees and make the network more secure. A few hours later, Musk shared the post, adding that it was “important”.
– Elon Musk (@elonmusk) August 30, 2021
Elon musk, one of the three richest men in the world (goes up and down in the Top 3 along with Jeff bezos and Bernard arnault), is convinced that Dogecoin is one of the cryptocurrencies “stronger”, as he made clear when replicating the millionaire’s opinion Mark Cuban.