CRYTOCURRENCY – Value of Dogecoin soars after Elon Musk endorsement

Amidst the instability in market value of cryptocurrencies globally, Dogecoin (DOGE) on Thursday hit a record high, appreciating by over 800% in 24 hours. Dogecoin, a meme-based crypto, was less than $0.13 per coin but spiked to $0.082 per coin on Thursday. The crypto is not so popular compared to Bitcoin, Ethereum and other digital currencies but enjoys the endorsement of current world’s richest man Elon Musk. See more details below.Dogecoin (/ˈdkɔɪn/ DOHJ-koyn, code: DOGE, symbol: Ð) is a cryptocurrency invented by software engineers Billy Markus and Jackson Palmer, who decided to create a payment system that is instant, fun, and free from traditional banking fees. To do this, the coin featured the friendly face of the Shiba Inu dog from the popular “Dogememe as its logo. It was introduced on December 6, 2013, and quickly developed its own online community reaching a market capitalization of US $5,382,875,412 on Thursday, January 28, 2021

Elon Musk in a tweet in July 2020 projects Dogecoin to reach an influential stage in global financial system in the future.

Musk had singlehandedly pumped the price of Dogecoin with a handful of tweets from his Twitter handle with closed to 44 million followers.

Crypto traders and global investors are rushing to have a stake in this fast-growing crypto, on the account that it has the unique endorsement of the world’s richest individual presently worth $199 billion.

DOGE, which was started in 2013, is now the 10th most valuable cryptocurrency by market value, just behind Bitcoin Cash and ahead of BNB.

Dogecoin has a market value of $7.3 billion. It presently has a circulating supply of 128,136,378,598 DOGE coins, and the maximum supply is not available.

Over $12 million worth of DOGE traded in the past 24 hours.

According to data provider The Tie, DOGE set a new record for the most tweets on a cryptocurrency over a 24-hour period, besting the previous marks set by leading cryptocurrency bitcoin on Jan. 2, 2021, and Dec. 22, 2017.