Elon Musk’s favorite meme-cryptocurrency is now worth 10 cents and above. As per CoinDesk, in the last 24 hours, it has risen 70.22%, the highest ever recorded till now. The value of meme cryptocurrency Elon Musk won’t stop tweeting about is almost 12 cents or $0.122680. Started as a joke, the market cap of DogeCoin, also known as ‘a memecoin’, is now above $14 billion. This highest-ever value is an outcome of tens of thousands of online posters, a semi-ironic movement involving several buyers, and last but not the least, Elon Musk, the world’s richest man.
Each token was less than one cent in starting of January this year. But by January end, the value of the DogeCoin movement hiked to 7.5 cents. This surge was tenfold before it came down to 2.5 cents. The coin was oscillating between the range of 3 and 7 cents for the past few months. The rise in price was observed on Sunday when it rose from 6 cents and crossed the 10-cent mark.
Recently Elon Musk in his tweet informed that he ‘purchased some Dogecoin for lil X, so he can be a toddler holder’. After this tweet, there was a surge of 16% in the value of Dogecoin which reached $0.08 from $0.069.
For the first time, this digital coin crossed 8 cents. This was just a week after it crashed to 2.5 cents. This had led to an outcry on Reddit. In the last 24 hours, it rose 53% and reached 8.2 cents, breaking its own record of 7.8 cents in late January.
Much like Bitcoin, the Shiba-Inu-themed Dogecoin is a digital currency used for e-transactions. It is a reference to the doge and carries a picture of the Shiba Inu on it. A type of digital money, this cryptocurrency enables peer-to-peer transactions across a decentralized network. It has also been used as a donation in charities since it came into the picture.