Go, Doge, Go? Dogecoin Skyrockets After Elon Musk Tweets

doge to the moon cover image

Bitcoin has enjoyed a strong bull market in 2020 and 2021. Earlier this week, it traded as high as $64,780 per coin — an 825% increase from this time last year and an increase of more than 120% year to date.

But another cryptocurrency — and a relatively obscure one, at that — has far outpaced its growth.

Dogecoin traded as high as $0.487 on Friday morning — a 24,200% increase from this time last year and an increase of more than 840% year to date.

Dogecoin has a storied past…

In 2013 two software engineers launched the cryptocurrency. Reportedly started as a joke, it features the face of a Shiba Inu dog from a “doge” meme that was popular in 2013.

One of the founders, Billy Markus, sold all of his holdings in 2015 after losing his job. According to Cointelegraph, he used the cash to buy a used Honda Civic.

During the 2017 crypto bull market, the coin rallied but faded like bitcoin and most other cryptocurrencies.

But in late 2020, it began trending on the popular video app TikTok. Users encouraged each other to buy Dogecoin and send the price to $1.

During the short squeeze of GameStop Corp. (NYSE: GME) in January, Dogecoin rallied 800% in less than 24 hours. That rally happened after Tesla, Inc. (NASDAQ: TSLA)’s CEO Elon Musk tweeted a cryptic message about the cryptocurrency.

Musk has continued to promote Dogecoin on Twitter ever since. Sending a tweet on February 4, including the note, “ur welcome.”

Minutes later, he declared it to be “the people’s crypto” in another tweet.

Yesterday was the third day in a row that Dogecoin reached new all-time highs. And Musk added one more tweet to the fire … check it out here.

At writing, the rally runs on.

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