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DOGE Surges to New All-Time High with Elon Musk's Tweet

DOGE Surges to New All-Time High with Elon Musk's Tweet

DOGE Surges to New All-Time High - When business giants, entrepreneurs, and crypto investors are continuously investing in cryptocurrencies, especially Bitcoin (BTC) and Ethereum(ETH), the surge in currency values is being observed from the last couple of months.

Know how Doge surges to a new all-time-high …

How DOGE Started

Dogecoin was first established as a joke right back in 2013. Made by programmers and software engineers Billy Markus and Jackson Palmer, DOGE was intended to spoof altcoin development or the growth. They took the doge internet meme as motivation for another digital currency (cryptocurrency) derived from LiteCoin.

Elon Musk - an entrepreneur, founder, CEO, CTO, and chief designer of SpaceX previously invested in Bitcoin(BTC), after which BTC cracked an all-time-high in history, touching the price at 62K USD value. It has been observed that Elon Musk is now influencing the crypto market, and his single tweet causes the crypto coins price to surge. Therefore, when Elon tweeted in support of Bitcoin, there was a massive trend for the BTC.

However, his recent tweet, which went out on Thursday, caused an 85% surge in Dogecoin's value. This tweet has a painting image depicting "Doge Barking at the Moon." According to the data that states it, the resulting surge made the virtual coins hit a new all-time high, touching $0.313.

Furthermore, it reveals that Dogecoin currently has a market cap of nearly $41 billion. Dogecoin is now ranking at the 7th position by market capitalization among all other cryptocurrencies available in the crypto market.

This record is only the most recent in rapid development in recent days. As indicated by information, DOGE had been on a decrease since its high of $0.087 in Feb. Nonetheless, since April tenth, there were indications of consistent speed increase, finishing in a new ATH of $0.144.

It isn't the first occasion when that social media movement supporting Dogecoin has caused increments or in its boost. Elon Musk's influential tweets prior to the year have had comparable impacts.

For instance, a tweet toward the beginning of Feb., perusing "Dogecoin is the people's crypto." This caused an increment or boost of 75% for Dogecoin's worth. Moreover, Musk's tweets have been one of the fundamental variables of the coin's ascent/boost by 6,000% throughout the most recent and the last six years.

The Tesla CEO isn't the just one getting behind DOGE. Recently, a Reddit group came out supporting the coin that initially began as a satire. Toward the finish of January, the Reddit subgroup called SatoshiStreetBets' sent Dogecoin's worth up by, at a certain point, more than 600%.

Unprecedented demand

The crypto and stock exchanging stage Robinhood experienced a significant blackout toward the beginning of today. The interest or the demand surgency is credited to Dogecoin, driving retail financial investors into purchasing the crypto toward the beginning of today. It is another occurrence of the Musk Effect. So due to Elon Musk’s single tweet Doge surges to a new all-time-high.

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