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A The cryptocurrency that was created to lampoon Bitcoin has reached a new high after Elon Musk tweeted another series of messages encouraging people to buy it.
The price of Dogecoin surged 40 percent in the early hours of Monday, minutes after Musk tweeted “Who let the Doge out” and an “how-to video” full of memes related to the coin.
The surge pushed the joke coin to a record market capitalization of $ 8.8 billion.
Dogecoin was created by Jackson Palmer and Billy Markus, former Adobe and IBM software engineers in 2013. It is inspired by the “Doge” meme, which uses images of a Japanese Shiba Inu dog curated with grammatically incorrect or misspelled sentences in Comic font Sans. .
It’s not the first time Musk has tweeted about the coin. Last week he shared posts that included “Dogecoin is the people’s crypto” and “No ups and downs, just Doge.” The latter caused the price to skyrocket 80pc on Thursday.
Reddit traders have turned to Dogecoin in an attempt to reflect the extraordinary stock increases in GameStop, Blockbuster, and AMC that were driven by r / WallStreetBets.
Thousands of Reddit users are encouraging others to buy in an attempt to bring Dogecoin to $ 1, up from the half cent it was trading at in early January.
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