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Value of Dogecoin soars after Elon Musk endorsement

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Elon Musk

Amidst the instability in market value of cryptocurrencies globally, Dogecoin (DOGE) on Thursday hit a record high, appreciating by over 800% in 24 hours

Dogecoin, a meme-based crypto, was less than $0.13 per coin but spiked to $0.082 per coin on Thursday.

The crypto is not so popular compared to Bitcoin, Ethereum and other digital currencies but enjoys the endorsement of current world’s richest man Elon Musk.

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Elon Musk in a tweet in July 2020 projects Dogecoin to reach an influential stage in global financial system in the future.

Musk had singlehandedly pumped the price of Dogecoin with a handful of tweets from his Twitter handle with closed to 44 million followers.

Crypto traders and global investors are rushing to have a stake in this fast-growing crypto, on the account that it has the unique endorsement of the world’s richest individual presently worth $199 billion.

DOGE, which was started in 2013, is now the 10th most valuable cryptocurrency by market value, just behind Bitcoin Cash and ahead of BNB.

Dogecoin has a market value of $7.3 billion. It presently has a circulating supply of 128,136,378,598 DOGE coins, and the maximum supply is not available.

Over $12 million worth of DOGE traded in the past 24 hours.

According to data provider The Tie, DOGE set a new record for the most tweets on a cryptocurrency over a 24-hour period, besting the previous marks set by leading cryptocurrency bitcoin on Jan. 2, 2021, and Dec. 22, 2017.


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