Dogecoin, the memecoin named by Tesla
The dogecoin price has doubled so far this week, climbing to never-before-seen highs of around 10 cents and outpacing bitcoin’s recent blistering rally.
Musk, whose playful dogecoin tweets have helped the “joke” bitcoin rival soar by 6,000% over the last year, has this morning spurred dogecoin higher, tweeting a GIF of a laughing Shiba Inu—the dog that dogecoin is based on.
Dogecoin has climbed into the cryptocurrency top ten due to its rally this week, giving the combined value of the 130 billion dogecoin tokens in circulation a total value of around $12 billion.
Bitcoin, by far the biggest cryptocurrency, now boasts a market capitalization of almost $1.2 trillion following its massive bull run so far this year.
“The greatest gainer today goes to dogecoin, which has leaped approximately 30% since the morning, briefly topping 9.5 cents a coin,” Mati Greenspan, the founder of market analysis outfit Quantum Economics wrote in a note. “It seems the memes are in total control of this market.”
Musk, well known for his market-moving tweets, last week posted “… going to moon very soon,” shortly after the bitcoin price began climbing over the weekend, sparking speculation Musk’s rocket company SpaceX could follow Tesla in adding bitcoin to its balance sheet.
On April 1, Musk said his private rocket company SpaceX is going to put a “dogecoin on the literal moon”—sending the price of the meme-based cryptocurrency up 35%.