Meme cryptocurrency has witnessed a sudden market boom as the price of Dogecoin (DOGE) started to climb sharply on Monday
The primary cause of the price surge is a random Elon Musk decision to change a Twitter icon within the user dashboard to Dogecoin.
As a result, DOGE surged by over 22% at the time of writing, as the price of the cryptocurrency soared from $0.077 to $0.097 in minutes.
Dogecoin price chart (1-day). Source: CoinMarketCap
As the hype around the news mount, approximately $1.7 billion has been pumped into Dogecoin’s market capitalization in an extremely short period of time pushing the meme coin’s market cap to reach $12.76 billion, the highest figure since December 2022.
Dogecoin market cap. Source: CoinMarketCap
Elon Musk’s interest in Dogecoin
Elon Musk’s interest in Dogecoin can be traced back to his tweets about the cryptocurrency in early 2021. He initially tweeted “Doge” and posted a meme with the Dogecoin logo, which caused the value of the cryptocurrency to surge by over 50%.
Many have speculated on why Musk is so interested in Dogecoin, with some suggesting that it’s simply a joke or a way to troll the cryptocurrency market. However, Musk has stated that he genuinely believes in the potential of Dogecoin, particularly as a way to facilitate peer-to-peer transactions.
Check the latest Dogecoin price here.
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