The price of Dogecoin skyrocketed this Wednesday, April 28, after Tesla founder Elon Musk and Dallas Mavericks entrepreneur and owner Mark Cuban shared tweets.
Dogecoin’s value has advanced 20 percent in the past 24 hours, to $0.32, according to data from Coin Metrics. The meme-inspired cryptocurrency hit a record high above $0.45 earlier this month. However, the valou has already retreated 8.3 percent to $0.31.
It started out as a joke in 2013, but Dogecoin is now the sixth largest digital currency with a total market value of nearly $42 billion. The name and brand name came from the meme “Doge,” which represents the Shiba Inu dog that often appears alongside phrases on social media.
In the past it had already happened that the price of Dogecoin skyrocketed after Elon Musk’s tweets. The billionaire CEO of Tesla considers dogecoin his “favorite” cryptocurrency and referred to it as “the people’s crypto.”
This time, Elon Musk wrote on Twitter, “Dogefather SNL May 8,” a reference to Elon Musk’s appearance on the Saturdary Night Live show next week.
However, Musk was not the only one to talk about dogecoin. Mark Cuban, the owner of the Dallas Mavericks basketball club, has made several posts on the subject. On Monday, the businessman announced that his team was about to complete 6,000 dogecoin transactions in April.
Then, on Twitter, Mark Cuban wrote that the “doge is the only currency that people actually use for transactions.”
