Dogecoin, a cryptocurrency known for its volatility and memes, has surged after a series of tweets from Tesla
CEO Elon Musk and billionaire Mark Cuban.
After Musk’s initial tweet of “Doge,” Dogecoin surged 44%. He then proceeded to tweet several more times about Dogecoin, even calling it “the people’s crypto.”
Similar to Bitcoin, Dogecoin is a peer-to-peer, open-source cryptocurrency. It trades under the ticker symbol DOGE, and features the face of the Shiba Inu dog from the popular “Doge” meme as its logo, which Musk also tweeted out.
Dogecoin has reached cult status on Twitter and Reddit over the years with many creating memes with the “Doge” face, and it’s been trending on Twitter in recent weeks. It hit an all time high of $0.082 in January, according to CoinDesk.
Mark Cuban also tweeted about Dogecoin, but in less glowing terms than Musk, saying it was at least a better purchase than a lottery ticket.
Dogecoin has surged 659% this year, according to CoinDesk data.
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