The Tesla CEO is at it once more. Whereas not particularly supporting Dogecoin (DOGE), one other Tweet from Elon Musk asking, ‘What does the longer term hodl?’ comes simply as DOGE is on the up.
Elon Musk’s Tweet has sparked debate among the many crypto neighborhood about which coin shall be greatest sooner or later. Whereas no specifics had been talked about within the Tweet, however the SpaceX CEO’s followers have already been naming DOGE and Bitcoin (BTC) as major candidates.
In the meantime, DOGE is on one other progress streak. Whereas not reaching anyplace close to the $0.40 heights of final week, and even narrowly lacking a new all-time high as on April twentieth, data indicates that, at time of writing, it’s at the moment on up 12% over the previous 24 hours.
Elon Musk and DOGE
It’s no secret that Elon Musk is a giant supporter of DOGE. And if this newest Tweet provokes a brand new surge in DOGE’s value, it will not be the primary time. On April sixteenth, a Tweet with the caption “Doge barking on the moon”, that includes a picture of a Joan Miró portray, spurred the altcoin to its all-time excessive of $0.45.
Demand for DOGE was so nice that the spike even brought about a temporary outage on the crypto change Robinhood.
The next day, DOGE ranked eighth in probably the most useful cryptocurrencies by market capitalization. Moreover, it was reported that the meme-inspired coin had grown by over 330% that week. Largely overshadowing Ripple (XRP), which had solely grown by 64% in the identical time interval.
Musk’s tweets from even earlier within the 12 months had related results. At the beginning of Feb., as an example, the place he Tweeted merely: “Dogecoin is the folks’s crypto”. This resulted in a 75% surge in worth for DOGE. The altcoin’s excessive on the time was a mere $0.087.
DOGE’s progress provoked remark and reward from different high-profile figures. Mark Cuban, for one. On the identical day that DOGE hit its ATH, he revealed that his basketball staff, the Dallas Mavericks, had hit a 24-hour file on merchandise gross sales with the cryptocurrency.
The Start of DOGE
DOGE was initially based as a spoof. A parody of altcoin progress, which software program engineers Billy Markus and Jackson Palmer created in 2013. The duo took inspiration from the doge web meme, and created DOGE as a spinoff of LiteCoin.