IT'S A DOGE-EAT-DOGE WORLD
Dogecoin Price Soars To All-Time High After Elon Musk's Tweet
A tweet from Elon Musk, one of Dogecoin's richest fans, has made the cryptocurrency's value soar more than 100%.
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The Lede
After Musk tweeted, "Doge Barking at the moon," the price of dogecoin skyrocketed to an all-time high on Friday morning. This is not the first time Musk's tweets have helped propel dogecoin's prices. In February, Musk tweeted, "Dogecoin is the people's crypto," to his 50 million followers, which helped increase dogecoin's value by more than 50% in trading.
Key Details
- While dogecoin started out as an internet parody in 2013, the cryptocurrency is beloved by Reddit users, who proclaimed this year that they'd try to propel its prices "to the moon."
- Their rallying behind dogecoin is not dissimilar to the GameStop stock phenomenon brought on by WallStreetBets earlier this year.
- Since the beginning of 2021, the value of dogecoin, a rival to bitcoin, has increased more than 5,000%.
