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The cryptocurrency was trading at about 54 cents, according to data from Coin Metrics. Dogecoin rose to roughly 40 cents per coin last month before falling sharply for several days after the calendar turned to April 20, a date widely celebrated as a marijuana-themed holiday.
Dogecoin was started as a joke in 2013 amid a boom in early cryptocurrencies. It was based on a popular internet meme at the time that featured a Shiba Inu dog and cartoon-style text over the image. Its rise in recent months has been highlighted by many as a sign of froth and speculation in the financial markets, particularly among younger investors who started trading during the pandemic.
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The coin has been boosted in recent weeks by billionaires Elon Musk and Mark Cuban, who have both mentioned Dogecoin on Twitter multiple times. Cuban has said the increased interest and use in Dogecoin has made it more than a joke.
Another crypto asset that set a new high on Tuesday was Ether, the currency linked to the Etherum blockchain. Bitcoin, however, slipped more than 6%.
Elon Musk’s upcoming SNL appearance is fueling dogecoin’s rise, says analyst
Dogecoin is on another frenzied run higher, this time briefly helping to break Robinhood’s trading app in the process, and one analyst credits Elon Musk’s upcoming “Saturday Night Live” appearance on May 8 for the latest spike.
The meme-inspired token is up nearly 30% on Tuesday and more than 11,000% this year.
Dogecoin’s rally first began in February, thanks to a series of tweets from Musk, CEO of Tesla and SpaceX, and one analyst suggests that he’s also responsible for the current move.
Reference: CNBC
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