Dogecoin Hits $10 Billion Peak After Celebrity Endorsements
The joke cryptocurrency reached its highest value to date after renewed attention from Snoop Dogg and Elon Musk.
Dogecoin has surged after Elon Musk and other celebrities appeared to endorse the joke token on Twitter.
The meme-inspired cryptocurrency rallied 65% in 24 hours to reach a peak of $0.0844 on Sunday evening before falling back. It regained 19% during Monday morning trading in London, reaching $0.0704.
Dogecoin’s market value reached $10.7 billion at its highest point on Sunday, becoming the tenth most valuable digital coin on CoinMarketCap’s ranking.
Dogecoin was created in 2013 based on the “doge” meme which depicts a Shiba Inu dog alongside captioned text in Comic Sans font.
The currency’s all-time high came alongside renewed attention from Twitter influencers. On Saturday, rapper Snoop Dogg tweeted a picture of one of his album covers edited to replace his face with the dogecoin Shiba Inu, captioned “Snoop Doge”. He tagged Elon Musk in the post.
Musk himself has emerged as a significant dogecoin booster, sending the price soaring with successive tweets about the currency. His late January tweet of an altered Vogue cover entitled Dogue led to an 800% jump in the price of dogecoin.
Musk has publicly said that his “endorsements” of dogecoin are meant as a joke, but his continued tweets have helped to raise the profile of the cryptocurrency and repeatedly boost its value.
The spotlight thrown on dogecoin by Snoop Dogg and Musk has attracted other celebrity endorsements to the cryptocurrency. KISS singer and bassist Gene Simmons tweeted last week that he had “bought a big position in Dogecoin” and further promoted the cryptocurrency to his followers.