The value of Dogecoin (DOGE) has gone up immensely since late January, climbing up over 600%! The meme-inspired cryptocurrency saw a spike in price after being pumped by Elon Musk, Snoop Dogg, and rockstar Gene Simmons.
The increase in dogecoin price started around the 28th of January. It went up by around 68% of its price on the previous day (from $0.0075 to $0.0126). And since then, it has spiked up, reaching $0.0788 at one point and eventually falling back to $0.0600.
However, these posts began on the 6th of February. And as a result, dogecoin value went up by 55%in one day!
How the Dogecoin Value Pump Started
On Saturday February 6th, Snoop Dogg tweeted:
Hours after his humorous tweet, the CEO of Tesla, Elon Musk, posted a tweet that shows a Lion King-inspired, photoshopped image.
The picture features Musk holding up Simmons, who holds up Snoop Dogg, who then holds up a Shiba Inu.
Simmons was included in this meme as he was the first to participate in this round of dogecoin value pumping. He tweeted early in the morning of the 6th, telling everyone in a tweet that he’s the “God Of Dogecoin.”
The trio’s Tweets of DOGE were obviously enough to raise the meme cryptocurrency four ranks up on the list of the cryptocurrencies with the highest values. Eventually, it landed in seventh place, beating bitcoin cash, chainlink, litecoin, and BNB.
As of this writing, the market cap of DOGE has reached over $7.5 billion.
Musician Kevin Jonas also shouted out for the meme-based cryptocurrency in a tweet.
So far, Jonas hasn’t been included in the meme made by Musk, but we’re yet to find out! How do you feel about this increase in dogecoin value?
Do you think it’s ethical for celebrities to be tampering with the asset’s price like that? After all, it was just created as a joke. Leave a comment below and let us know what you think!