On the night of February 8, the price of Dogecoin cryptocurrency soared 41% from $ 0.058 to $ 0.082 and set a new high. At the time of writing, the coin is trading at $ 0.071, according to CoinGecko.
DOGE token price growth graph. Data: CoinGecko.
One of the possible reasons for the rise in the price of Dogecoin was the support of the American rapper Snoop Dogg. On February 6, he published a meme with a cryptocurrency symbol, a Shiba Inu dog, in the image of himself and noted Elon Musk.
@elonmusk pic.twitter.com/KElwKghpei
– Snoop Dogg (@SnoopDogg) February 6, 2021
Tesla and SpaceX CEOs responded with a joke. In a scene from The Lion King, Musk is holding Kiss musician Gene Simmons, who previously talked about investing in Dogecoin.
So … it’s finally come to this … pic.twitter.com/Gf0Rg2QOaF
– Elon Musk (@elonmusk) February 7, 2021
The cryptocurrency was also supported by musician Kevin Jonas.
All I’m saying … $ doge
– kevin jonas (@kevinjonas) February 7, 2021
Musk later posted a comic video called “D is for Dogecoin”.
Ð is for Ðogecoin! Instructional video.https: //t.co/UEEocOfcTb
– Elon Musk (@elonmusk) February 8, 2021
The founder of the cryptocurrency bank Galaxy Digital Mike Novogratz expressed concern about the future of the asset.
I actually think the $ DOGE frenzy is gonna end poorly. Same reason $ GME did. Greed and Gravity. $ DOGE doesn’t have a purpose. Stay with $ BTC, $ ETH, defi coins. Plenty of smarter ways to play this crypto rally.
– Mike Novogratz (@novogratz) February 7, 2021
“The DOGE madness will end badly. For the same reason as GME. Greed and attraction. DOGE has no purpose, ”wrote Novogratz.
Earlier, Dogecoin surged nearly 50% in less than an hour after Musk’s series of tweets were posted.
Recall that an unknown cryptocurrency whale has concentrated more than 28% of Dogecoin coins on its address.
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