Dogecoin's Value Increased by 4,600% in 1 Year, Elon Musk Gives It Another Push
Elon Musk's favorite cryptocurrency, Dogecoin, has exploded thanks to tweets from the businessman, who celebrated the new update of the "meme" coin.
According to the specialized platform CoinMarketCap, the cryptocurrency that started as a joke, Dogecoin (DOGE), increased in value by about 4,600% in the past year. This achievement is largely due to the boost given to it by billionaire Elon Musk, who has made it clear that it is his favorite digital currency.
In August 2020, each DOGE token cost 0.002802 cents on the dollar, and today it is trading at $0.2964. This price is still below its historical maximum: almost 0.69 cents on the dollar on May 6.
The platform's analysis also ranks Dogecoin as one of the top performing cryptocurrencies in the second quarter of 2021. So far this year, the meme-inspired digital currency posted a 400% growth. In the last 24 hours alone it rose 12%.
Source: CoinMarketCap.com .
Elon Musk, the biggest fan and promoter of Dogecoin
Tesla and SpaceX CEO Elon Musk has been the strongest and most controversial promoter of Dogecoin. Every time the mogul tweets something about the cryptocurrency meme, it increases in value practically instantly.
Although his devotion to DOGE has gotten him into trouble, the 50-year-old businessman continues to openly support it.
This week Dogecoin developers announced an update to the platform on Twitter. The update will reduce transaction fees and make the network more secure. A few hours later, Musk shared the post adding that it was "important."
Important- Elon Musk (@elonmusk) August 30, 2021
Elon Musk, one of the three richest men in the world (going up and down in the top three along with Jeff Bezos and Bernard Arnault), is convinced that Dogecoin is one of the “strongest” cryptocurrencies, as he made clear when supporting the opinion of millionaire Mark Cuban.