The popular cryptocurrency Dogecoin, which got boosted by the likes of Elon Musk and Mark Cuban, has rallied more than 90 percent to a record high last day, putting its gain for the week at almost 300 percent.
The current surge in Dogecoin’s value came two days after the Tesla CEO Elon Musk tweeted ‘Doge Barking at the Moon’, along with a painting of Spanish painter and sculptor Joan Miro. The cryptocurrency is now up 18,000 percent from a year ago when it traded for $0.002 and was worth about $250 million.
The billionaire Mr. Musk has been one of the prominent promoters of Dogecoin. In February, he tweeted about Dogecoin, which is based on a popular internet meme and it helped the digital coin to surge over 50 percent.
Apart from Mr. Musk, other entrepreneurs have also been promoting the digital coin. In March, the popular American professional basketball team Dallas Mavericks’ owner Mark Cuban partnered with BitPay to allow his National Basketball Association (NBA) fans to purchase tickets and merchandise using Dogecoin as a payment method.
Dogecoin last traded at about 34 cents after reaching as high as 45 cents, according to data on blockchain and cryptocurrency website Coindesk. So far in 2021, the digital coin has surged over 7,000. However, the value of Dogecoin is still quite lower when comparing it with that of popular cryptocurrencies like Bitcoin and Ethereum.
The Shiba-Inu-themed Dogecoin, which is a reference to the ‘doge’ meme, was created as a joke by software engineers Billy Markus and Jackson Palmer in 2013. Since its creation, the digital coin has been used for e-transactions and to donate money to charities.