Dogecoin’s Surging Value and The Surrounding Speculation

Dogecoin’s market value surged to an all-time high value of over 10 billion on Monday. Crypto enthusiasts—and bulls—speculate the surge happened because of SpaceX’s CEO Elon Musk and some other celebrities tweeting about the cryptocurrency. 

According to CoinMarketCap’s data, the “doge” meme themed token rounded up to 37% in 24 hours—jumping on Monday to a record high of $0.084945.

In the past, Tesla’s CEO Elon Musk has tweeted several times in support of Dogecoin. He called it “the people’s crypto.” He also said that it wouldn’t be a surprise if Dogecoin became Earth’s “future currency”. On February 10th, 2021, he tweeted the following with a video of his son X Æ A-Xii, “Bought some Dogecoin for lil X, so he can be a toddler hodler.”

After Musk, Hollywood celebrities Snoop Dogg and Gene Simmons also voiced their support for the coin. Snoop Dogg tweeted an image of an “album” cover with the words “Snoop Doge” over it while Simmons made a six-figure investment in the “meme” coin.

Dogecoin was created by software engineer Billy Markus in 2013 based on the smiling Shiba Inu meme. He started the crypto token as a joke, but ever since its creation; managed to stay in the market.  Markus felt amused with the kind of support shown by the market in favor of Dogecoin and said, “I’m half detached, but it’s weird that something I made in a few hours is now part of internet culture.” 

He also finds Musk’s involvement in Dogecoin’s future amusing. He continued, “It feels silly, but there’s this huge upwelling behind it.”.

Meanwhile, Galaxy Digital’s CEO, Mike Novogratz, thinks that Dogecoin reminds him of GameStop. He also said that initially, he was finding it funny, but now he is skeptical and feels that Dogecoin has attained a market value where people are going to lose lots of money in Doge.” Novogratz wasn’t very positive about Musk’s tweets and criticized influential investors for encouraging the mass adoption of Dogecoin, which lacks real purpose, unlike Bitcoin and Ethereum. 

According to News.Bitcoin.com’s recent reports, a mysterious dogecoin wallet has consumed more than 27% of Dogecoin’s supply from February 6, 2019, onwards. It has been noticed that since this week, the $3 billion worth of dogecoin wallet containing crypto assets has begun making odd transactions with binary messages. This has fuelled speculation that the address at which the transactions are being done might belong to Elon Musk’s wallet.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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