Despite massive price increases, all of them remain off the list of the 2,000 most valuable cryptocurrencies, according to the CoinMarketCap price index. It is not the first time that a tweet from Musk has caused the cryptocurrency markets to move, as he previously helped propel dogecoin to new record highs earlier this year in his last public appearance.
The cryptocurrency started as a joke between friends surrounding the popular “Doge” meme. It was launched in 2013 by Billy Markus, an American programmer, and they decided to illustrate the coin with the face of Shiba Inu dogs.
It should be clarified that this cryptocurrency is highly inflationary by definition and design. It prints blocks with 10,000 coins every minute and approximately 14,400,000 Doge are printed daily. In the second quarter of 2021, Dogecoin, the popular cryptocurrency that wears the face of a dog, was one of the highest performing cryptocurrencies.
Since August of last year, DOGE grew around 4,600%, according to an analysis by Coinmarketcap, and so far this year it has made gains of 400%.
The millionaire believes that Dogecoin is one of the “strongest” cryptocurrencies in the crypto ecosystem and, for this reason, he invests in it. However, it is not known how many digital assets are in Musk’s custody.