Key Highlight:
- The value of the crypto coin has surged from 20% to 32% in the last 24 hours after Musk’s tweet
- Elon Musk and Mark Cuban both tweeted in support of the digital coin
- Cuban tweeted about his NBA team completing 6,000 Dogecoin transactions by the end of April
Initiated as a parody, Dogecoin currently stands with $42 billion total market value
A cryptocurrency that was once created as a parody, has now turned into a real asset with its market price touching sky-high. Once a quirky meme, Dogecoin is now traded in values worth millions and even billions, which is labeled as the latest act of financial alchemy. After being on grounds for a few weeks prior to the present date, Dogecoin’s worth has now skyrocketed once again.
According to Coin Metrics, the price of dogecoin has risen by 20% to 32% in the past 24 hours. Earlier in April, this meme-inspired cryptocurrency hit a record high of 45 cents, raising fears of a potential bubble in the crypto market. The value of this cryptocurrency rose by more than 11% in the mid-morning and about 20% since the last 24 hours as a couple of financial heavyweights namechecked the currency which was earlier being taken for granted. One of the financial checkers was none other than Elon Musk.
‘The Dogefather’
Started as a pun in 2013, Dogecoin currently stands as the sixth-largest cryptocurrency coin with a total market value of around $42 billion. Musk has often tweeted of Dogecoin in the past, boosting its market value and causing sudden jumps in its position. An ardent supporter of Crypto coin, Musk calls Dogecoin as his “favorite” cryptocurrency and remarks it as “the people’s crypto.”
Referring to himself as “The Dogefather”, Musk promoted his upcoming hosting gig on Saturday Night Live on Twitter which he’ll be hosting alongside pop singer Miley Cyrus. On 28 April, Musk put out a simple tweet saying, “The Dogefather SNL May 8.” This is both a reference to his frequent tweets about dogecoin—which he claims are “just meant to be jokes”—and Musk’s planned appearance on “Saturday Night Live” next week.”
Other tweets on Dogecoin
However, Musk is not the only one to be tweeting about this popular cryptocurrency. Mark Cuban, owner of basketball team ‘Dallas Mavericks’ and TV personality, has also made several posts about the meme-based token this week. He tweeted that his NBA team would complete about 6,000 Dogecoin transactions by the end of April.
On being asked about his backup for Dogecoin, Cuban stated,“Doge is the one coin that people actually use for transactions.” He further added, “People spend their Doge and that means more businesses will start taking it.” Cuban also pointed to Robinhood as one of its biggest blocking points.
Robinhood crypto app
Dogecoin has attracted a huge following among retail traders. Crypto users have been vehemently using the stock trading app, Robinhood, which offers a crypto feature. Users of the crypto token have largely requested the introduction of a feature that will let them withdraw their holdings of various cryptocurrencies. Mark Cuban also pointed out the same, saying how it is one of Dogecoin’s blocking points.
In response to that, Robinhood’s Co-CEO Vlad Tenev said that the company is already working on transactions. “We’re working on deposits and withdrawals!” Tenev tweeted. “Not just for DOGE, but for all coins on Robinhood Crypto.” Robinhood quickly replied it was working on a program that will let people withdraw crypto holdings and spend them.
The Dogecoin
Dogecoin was initiated in 2013 as a parody. It was invented by software engineers Billy Markus and Jackson Palmer, who decided to create a payment system that is free from traditional banking fees and has been around since the past 8 years. It stands as the sixth-largest digital coin with a market value of 442 billion. Its name comes from the popular meme “Doge”, depicting a Shiba Inu dog alongside nonsensical phrases in a multicolored text.
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