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Dogecoin is up 41% overnight and has renewed its high. Coin supported by Snoop Dogg

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.

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.

The cryptocurrency was also supported by musician Kevin Jonas.

Musk later posted a comic video called “D is for Dogecoin”.

The founder of the cryptocurrency bank Galaxy Digital Mike Novogratz expressed concern about the future of the asset.

“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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Fidenge Pecold

My profession is a journalist, but my hobby for 8 years has been studying Forex investing and trading. During this time, I managed to gain extensive experience in investing and trading cryptocurrencies and double my capital in the Forex market. To be the author of this magazine, the site owners invited me to participate in one of the 2020 trading webinars, and I will try to reveal the most relevant crypto market news for you.

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