Technology
Following Elon Musk's tweets, the price of Dogecoin has increased by more than 90% to new highs.
On Friday, the Dogecoin cryptocurrency soared more than 90% to a new high, putting its weekly gain at nearly 300 percent.
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.”
Doge Barking at the Moon pic.twitter.com/QFB81D7zOL
— Elon Musk (@elonmusk) April 15, 2021
Tesla's CEO has previously tweeted about Dogecoin, a cryptocurrency based on a popular internet meme. Following Musk's tweet on February 4, Dogecoin saw a 60 percent increase in value.
According to data from blockchain and cryptocurrency website Coindesk, it last traded at around 34 cents after reaching a high of 45 cents. Dogecoin's value has risen to over 7,000 so far in 2021.
Dogecoin is a digital currency that can be bought and sold on digital currency exchanges. It was created largely as a satirical critique of the 2013 crypto frenzy.
The cryptocurrency market capitalization reached an all-time high of $2 trillion earlier this month, according to data and market trackers CoinGecko and Blockfolio, as gains over the last several months drew demand from both institutional and retail investors.
On the internet message board Reddit, Dogecoin has a cult following, with a popular group — similar to the WallStreetBets group behind GameStop's rally — deciding earlier this year to push its value "to the moon." Following that push, Dogecoin saw a 600% increase in value.
This year, bitcoin has increased by more than 100 percent, while ethereum has increased by nearly 190 percent.
