By Dale Hurst
The Tesla CEO is at it again. While not specifically supporting Dogecoin (DOGE), another Tweet from Elon Musk asking, ‘What does the future hodl?’ comes just as DOGE is on the up.
Elon Musk’s Tweet has sparked debate among the crypto community about which coin will be biggest in the future. While no specifics were mentioned in the Tweet, but the SpaceX CEO’s followers have already been naming DOGE and Bitcoin (BTC) as primary candidates.
Meanwhile, DOGE is on another growth streak. While not reaching anywhere near the $0.40 heights of last week, or even narrowly missing a new all-time high as on April 20th, data indicates that, at time of writing, it is currently on up 12% over the past 24 hours.
Elon Musk and DOGE
It is no secret that Elon Musk is a big supporter of DOGE. And if this latest Tweet provokes a new surge in DOGE’s price, it would not be the first time. On April 16th, a Tweet with the caption “Doge barking at the moon”, featuring an image of a Joan Miró painting, spurred the altcoin to its all-time high of $0.45.
Demand for DOGE was so great that the spike even caused a temporary outage on the crypto exchange Robinhood.
The following day, DOGE ranked 8th in the most valuable cryptocurrencies by market capitalization. Furthermore, it was reported that the meme-inspired coin had grown by over 330% that week. Largely overshadowing Ripple (XRP), which had only grown by 64% in the same time period.
Musk’s tweets from even earlier in the year had similar effects. At the start of Feb., for instance, where he Tweeted simply: “Dogecoin is the people’s crypto”. This resulted in a 75% surge in value for DOGE. The altcoin’s high at the time was a mere $0.087.
DOGE’s growth provoked comment and praise from other high-profile figures. Mark Cuban, for one. On the same day that DOGE hit its ATH, he revealed that his basketball team, the Dallas Mavericks, had hit a 24-hour record on merchandise sales with the cryptocurrency.
The Birth of DOGE
DOGE was originally founded as a spoof. A parody of altcoin growth, which software engineers Billy Markus and Jackson Palmer created in 2013. The duo took inspiration from the doge internet meme, and created DOGE as a derivative of LiteCoin.