Tesla Billionaire Elon Musk Spurs Joke Bitcoin Rival Dogecoin Higher After Price Suddenly Doubles

dogecoin, the memecoin named by tesla billionaire tsla elon musk as his ‘favorite’ cryptocurrency, has skyrocketed in recent days.

the price of dogecoin has doubled so far this week, hitting all-time highs around 10 cents and outpacing bitcoin’s recent breakneck rally.

Reading: Tesla billionaire elon musk spurs joke bitcoin rival dogecoin …

musk, whose playful dogecoin-related tweets have helped rival bitcoin’s “joke” skyrocket by 6,000% in the past six months, gave dogecoin a boost this morning, tweeting a gif of a laughing shiba inu, the dog that is dogecoin based on.

Tesla CEO Elon Musk has long been a fan of Dogecoin, Bitcoin’s “joke” rival based on the popular … [+] Doge meme.

dogecoin has risen to the top ten of cryptocurrencies, as measured by coinmarketcap, due to its 120% rally this week, giving the combined 130 billion dogecoin tokens in circulation a total value of around $12 billion.

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In comparison, bitcoin, by far the largest cryptocurrency by value, now boasts a market capitalization of almost $1.2 trillion after its massive bull run so far this year.

“The biggest gainer today is dogecoin, which is up roughly 30% since morning, briefly topping 9.5 cents per coin,” mati greenspan, founder of the quantum economics market analysis team, wrote in a note email on Tuesday. “It seems that memes have total control of this market.”

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bitcoin price, after starting the year at just under $30,000, soared to an all-time high of nearly $65,000 per bitcoin this week as a bitcoin trading frenzy ahead of the market debut watched from close to u.s. crypto exchange currency base reaches a fever pitch.

“The fear of missing out can be a very strong emotion,” Adrian Lowcock, director of personal investments at the Willis Owen investment platform, said in emailed comments. “Cryptocurrencies and the technology behind them may offer some potential, but prices are extremely volatile and fortunes can be lost as easily as they can be made.”

Almost every other cryptocurrency is rallying strongly ahead of Wednesday’s coinbase IPO, with the entire crypto market reaching a combined value of $2.2 trillion this week, up $200 billion dollars in a matter of days.

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ethereum, the second largest cryptocurrency after bitcoin, surged 15% over the past week, while ripple’s xrp rebounded from a sell-off earlier in the year, doubling in price and rising to record highs of three years.

the price of dogecoin has shot up a staggering 70% in the last 24 hours, rising alongside the… [+] price of bitcoin, which has hit a new all-time high of around $64,000 per bitcoin.

The broad 2021 bitcoin and cryptocurrency rally has been aided by the rise of long-awaited institutional adoption and support from high-profile investors such as Musk.

musk, known for his market-moving tweets, posted “…going to the moon real soon” last week, shortly after bitcoin’s price started rising over the weekend, sparking speculation that musk’s rocket company spacex could follow tesla in adding bitcoin to its balance sheet.

On April 1, Musk said that his private rocket company, SpaceX, will put a “literal dogecoin on the moon,” causing the price of the meme-based cryptocurrency to rise 35%.

Dogecoin’s rally began in late January when stock market traders, frustrated by restrictions placed on shares of popular memes, switched to cryptocurrencies with many piling into Dogecoin.

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