Dogecoin, which started as a meme cryptocurrency back in 2013, recorded its highest ever value yet.
The virtual currency, made popular by Tesla chief Elon Musk, soared more than 100% to hit an all-time high of $0.298 on Friday morning, according to cryptocurrency news and data provider Coin desk. A large number of Musk’s followers expressed their interest in investing in Dogecoin following his tweet. That could easily be considered as the reason behind its remarkable growth.
What is Dogecoin?
Dogecoin was created in December 2013 by two software engineers Billy Markus and Jackson Palmer for fun and instant cryptocurrency. Just like Bitcoin, it is a digital currency used for e-transactions. The coin got its name from a ‘doge’ meme and has a picture of the shiba inu on it.
The currency came into global prominence after Tesla’s chief executive officer (CEO) Elon Musk, rapper Snoop Dogg and rock band Kiss’ bassist Gene Simmons mentioned it on Twitter.
On Thursday, he tweeted an image with a caption that read, “Doge barking at the moon.”
The painting is ‘Dog Barking at the Moon’ by painting by Spanish painter and sculptor Joan Miró. It was painted in 1926 in the town of Mont-roig del Camp, Catalonia.
However, this wasn’t the first time when Musk posted something about Dogecoin to show his support publicly. He in February posted a couple of tweets that helped the cryptocurrency grow as much as 50%.
In addition to Musk, other entrepreneurs have also been promoting Dogecoin. Dallas Mavericks owner Mark Cuban in March tied up with BitPay to allow his National Basketball Association (NBA) fans to purchase tickets and merchandise using Dogecoin as a payment method.
As the currency hit its highest-ever, many took to Twitter, sharing memes and jokes on the surge.
