Why is Dogecoin making headlines these days?

Dogecoin joins the rebound party that several cryptocurrencies such as bitcoin and ethereum experienced this week. 

This Tuesday, the price of Dogecoin soared more than 25%. The value of this cryptocurrency reached almost US $0.10 per coin.

In the last 48 hours, according to Coinbase data, the crypto increased in value by 94%. It managed to position itself above $0.10 for the first time during Wednesday afternoon, with a value of $0.12.

 The cryptocurrency increased its trading volume by almost 56% in the last 24 hours. According to Business Insider, there are currently 129.2 billion doge coins in circulation, increasing their value.

Unlike other cryptocurrencies, an unlimited amount of Dogecoin can be mined. 

Elon Musk’s Tweet sent Dogecoin to the moon

Previously, characters like Elon Musk, Snoop Dogg, Guy Fieri, and Mark Cuban demonstrated their support for this crypto. Elon Musk tweeted about Dogecoin again. Late Wednesday night, the Tesla CEO tweeted illustrations of a dog and a moon with the caption “Doge Barking at the Moon.” In cryptocurrency lingo, “moon” refers to a rapidly rising price.

The tweet came just as Dogecoin hit a new all-time high of just over 14 cents. In the immediate aftermath of Musk’s tweet, Doge softened to $0.13 and then spiked again this morning to more than $0.18.

Created as a joke, the crypto now has a market capitalization of more than $21 billion. Among the top ten currencies by market capitalization, none have risen faster than Doge in the last year. 

Musk has long been drawn in the token. He started tweeting about it in April 2019. Dogecoin might be my favorite cryptocurrency, he tweeted.

Although Musk has stated that his tweets about Dogecoin are intended to be jokes, they have moved the market. Dogecoin is now the 8th largest cryptocurrency in the world by market capitalization.