Dogecoin Soars to New Record as Musk Fires off New Tweet

By Yueqi Yang

Dogecoin rose to all-time high Sunday, as Elon Musk tweets “Who let the Doge out” amid the rally.

The Shiba Inu-themed digital coin surpassed 8 cents for the first time, just a week after crashing to 2.5 cents and sparking an outcry on Reddit. It rose 53% in the last 24 hours to 8.2 cents as of 5:45 p.m. in New York on Sunday, according to CoinMarketCap data, breezing through its recent record of 7.8 cents posted in late January.

It now has a market value of $10 billion, making it the 8th-biggest cryptocurrency.

The price recovered over the past week after Tesla Inc. co-founder Elon Musk returned from his self-imposed Twitter break to send a series of tweets promoting Dogecoin.

Started as a joke in 2013, Dogecoin has been riding a wave of newfound popularity on social media, powered by the speculative frenzy of retail investors.

Bitcoin has also rallied this week, topping a record of $40,000, before paring gains.

©2021 Bloomberg L.P.