Elon Musk’s favorite cryptocurrency is not Bitcoin (BTC) but a meme-based Shiba-Inu DOGE coin. He even confirmed the fact last year in a tweet. The cryptocurrency’s latest rally has shocked many investors in the crypto market by surging 50% in the past 24 hours. Data from CoinGecko suggests that over $700 million worth of the cryptocurrency has been traded over the past day. The cryptocurrency has even exceeded Ethereum Classic in terms of market capitalization.
Dogecoin Spikes 50% in Past 24 Hours
DOGE coin had previously undergone bullish momentums every few years. The cryptocurrency has sometimes even surpassed new highs against the U.S. dollar, also against Bitcoin (BTC).
At its current price, DOGE is trading at its highest since the February 2018 rally. The altcoin currently has a market capitalization of nearly $1 billion. The altcoin’s valuation has gained over by over 64.51% on a year-to-date basis.
Recently, a Tik Tok campaign on the meme-based cryptocurrency even had its value spiraling up by 50% in a 24-hour period.
The latest rally comes after the CEO of Tesla and SpaceX, Elon Musk, CEO of Tesla and SpaceX had recently started tweeting on the cryptocurrency in a light-hearted way.
One word: Doge
— Elon Musk (@elonmusk) December 20, 2020
Musk Appears to be DOGE Fan
It is not clear whether Musk actually holds the cryptocurrency or not, his tweets, however, have a booming rally on the price action of DOGE.
For instance, he recently tweeted a meme on DOGE causing the price of the cryptocurrency to gain around 20% only in a matter of a few hours.
They have the best coin
— Elon Musk (@elonmusk) March 3, 2020
Musk’s love for Dogecoin extends back years. In 2018, Musk asked the creator of DOGE, Palmer, for help in dealing with crypto scammers impersonating him. Palmer then went on to offer to provide a script to Musk that would fix the issue.
Musk whose name often appears among scammers impersonation him, jokingly once said Excuse me, I only sell Doge! in response to a sarcastic tweeter demanding Bitcoin from him.