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Hot DOGE! Meme-Based Cryptocurrency Soars More Than 800% to Record High
Well known DOGE lover Elon Musk tweeted a picture of dog posing on the cover of a magazine, a likely nod to DOGE's surge.
Dogecoin (DOGE) surged more than 800% Thursday to about $0.082 per coin, giving the meme-based cryptocurrency a market value of about $7 billion and apparently prompting a congratulatory tweet from DOGE lover Elon Musk.
STORY CONTINUES BELOW
- DOGE, which was started as a joke in 2013, is now the 10th most valuable cryptocurrency by market value, just behind Bitcoin Cash and ahead of BNB.
- The price of DOGE rose to an all-time high of $0.082 per Messari, before settling down to $0.073, up 822% over the last 24 hours and bringing the year-to-date gains to about the same amount. Over $12 million worth of DOGE traded in the past 24 hours.
- Why the token has soared is unclear but it's likely largely caused by attention from public Reddit trading collective Wall Street Bets along with a TikTok post about the "dogecoin army" by niche celebrity Carole Baskin from Netflix's "Tiger King."
- Regardless of why DOGE is barking so loudly today, it certainly captured the imagination of the crypto pack and beyond. According to data provider The Tie, DOGE set a new record for the most tweets on a cryptocurrency over a 24-hour period, besting the previous marks set by leading cryptocurrency bitcoin on Jan. 2, 2021, and Dec. 22, 2017.
- Erratic price action is not unusual for any cryptocurrency, let alone dogecoin. Last month, a few tweets from Tesla CEO Elon Musk sent the token flying. Today, Musk tweeted a picture of dog posing on the cover of a magazine, a likely nod to DOGE's surge.
— Name (@elonmusk) January 28, 2021
UPDATED (Jan. 29, 03:10 UTC): Adds Musk tweet, updates prices, adds Twitter statistics.
Zack Voell
Zack Voell is a financial writer with extensive experience in cryptocurrency research and technical writing. He has previously worked with leading cryptocurrency data and technology firms, including Messari and Blockstream. His work (and tweets) has appeared in The New York Times, Financial Times, The Independent and more. He owns bitcoin.
Kevin Reynolds
Kevin Reynolds is editor-in-chief at CoinDesk. Prior to joining the company in mid-2020, Reynolds spent 23 years at Bloomberg, where he won two CEO awards for moving the needle for the entire company and established himself as one of the world's leading experts in real-time financial news. In addition to having done almost every job in the newsroom, Reynolds built, scaled and ran products for every asset class, including First Word, a 250-person global news/analysis service for professional clients, as well as Bloomberg's Speed Desk and the training program that all Bloomberg News hires worldwide are required to take. He also turned around several other operations, including the company's flash headlines desk and was instrumental in the turnaround of Bloomberg's BGOV unit. He shares a patent for a content management system he helped design, is a Certified Scrum Master, and a veteran of the U.S. Marine Corps. He owns bitcoin, ether, polygon and solana.
