Dogecoin ($DOGE), which seems to be Elon Musk’s favourite cryptocurrency is up over 9% on Tuesday (August 16), topping every other top 100 crypto asset by a wide margin.
Dogecoin was first issued on December 6, 2013, to become a “fun and friendly online money.”
In approximately the last few years, its popularity has skyrocketed, primarily due to the backing of billionaires like Elon Musk and Mark Cuban (majority owner of the NBA’s Dallas Mavericks and one of the “sharks” on the famous reality program “Shark Tank”). Today, it ranks as the tenth most valuable cryptocurrency, with a market valuation of over $11.21 billion. In 2019, Musk said that $DOGE might be his preferred cryptocurrency.
Musk tweeted on June 19 that he would continue to support Dogecoin, which was not unexpected considering that he has been praising Dogecoin on Twitter for the previous three years. He made a similar statement on July 6.
DOGE-USD is trading at $0.0847 on the cryptocurrency exchange Binance, up 9.43% in the last 24 hours, according to data from TradingView. DOGE-USD has increased 19.46% over the previous five days, which is an even more spectacular gain.
The social media analytics company LunarCrush tweeted earlier today that Dogecoin has “AltRankTM 1 out of the top 3,848 coins on the market based on relative combined social and market activity.”
Simultaneously, well-known New Zealand crypto expert Lark Davis tweeted his take on what he believes is behind the recent price increases in $DOGE and $SHIB.