Dogecoin Skyrocketing 397.55 Percent in Week, Due to Elon Musk’s Latest Tweet?

Dogecoin price skyrocketed on Saturday, April 17, 2021, soaring to the level of US $ 0.2861. Based on CoinMarketCap data, cryptocurrency has continued to strengthen in the past week.

Even Dogecoin even touched the level of US $ 0.3098 that day. In the past week, Dogecoin’s price has surged by 397.55 percent.

Dogecoin’s surge in price this time was driven in part by a tweet from Tesla founder Elon Musk . “Doge Barking at the Moon,” was quoted as saying in @elonmusk’s tweet, Thursday, April 15, 2021.

To date, the tweet has received more than 20,400 replies, 51,800 retweets, and more than 310,000 likes.

With this skyrocketing price, Dogecoin was included in the list of the 10 largest cryptocurrencies with a market capitalization of over US $ 40 billion.

Dogecoin was originally developed in 2013 by Jakson Palmer and Billy Markus. This cryptocurrency is famous for having a unique logo, namely the Japanese dog, the Shiba Inu.

Nobody would have thought that Dogecoin, which was originally just a sarcasm for crypto in 2013, has become increasingly popular. Even Dogecoin is now recorded as riding the wave of popularity of its newfound digital currency on social media.

Dogecoin is now supported by a speculative frenzy of retail investors. As for  Bitcoin  , another digital currency this week  set a new record high of US $ 62,741 or Rp. 916,332,305 (exchange rate of Rp. 14,605 ​​per US dollar). Bitcoin surged on Tuesday, April 13, 2021, and resumed its 2021 rally to new highs a day ahead of Coinbase’s initial public offering (IPO) .

As of early February 2021, Musk’s tweets also pushed Dogecoin prices to skyrocket. At that time Elon wrote: “Who let the Doge out” on his Twitter account. As a result, the digital coin depicting a Japanese breed of Shiba Inu dog rose above 8 cents for the first time, just a week after falling to 2.5 cents and sparking protests on Reddit.

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