Dogecoin surges to record high, up almost 300% in a week

The Dogecoin cryptocurrency surged more than 90% to a record high on Friday, putting its gain for the week at almost 300%.

The latest rally in Dogecoin came two days after billionaire Elon Musk tweeted, “Doge Barking at the Moon”, accompanied by an image of Spanish artist Joan Miró’s painting, “Dog Barking at the Moon.”

Elon Musk is back on Twitter, turns his support to Dogecoin

Doge Barking at the Moon pic.twitter.com/QFB81D7zOL

— Elon Musk (@elonmusk) April 15, 2021

It’s inevitable pic.twitter.com/eBKnQm6QyF

— Elon Musk (@elonmusk) July 18, 2020

 

The Tesla chief executive has previously tweeted about Dogecoin, which is based on a popular internet meme. On February 4, Dogecoin surged over 60% after Musk tweeted about it.

It last traded at about 34 cents after reaching as high as 45 cents, according to data on blockchain and cryptocurrency website Coindesk. So far in 2021, Dogecoin has surged over 7,000.

Investors jolted by sinking Bitcoin, Tesla and other market favorites

Dogecoin was created largely as a satirical critique of the 2013 crypto frenzy, and it can be bought and sold on digital currency exchanges.

Earlier this month, data and market trackers CoinGecko and Blockfolio reported that the cryptocurrency market capitalization hit an all-time peak of $2 trillion, as gains over the last several months attracted demand from both institutional and retail investors.

Bitcoin has risen more than 100% this year, while ethereum has gained nearly 190%.