The growth trend of the cryptocurrency’Doji Coin’, which has been publicly supported by Tesla’s CEO Elon Musk, is striking. Dogecoin, which was traded at 77 won apiece on the 1st, jumped 3.6 times in just two weeks and became the 8th largest cryptocurrency in the global market cap.
On the 16th, on the domestic cryptocurrency trading site Upbit, Dogecoin is trading at 297 won, up 30.26% from the previous day at 9:35 am. Dogecoin soared to 333 won (high price) during the midday of the day.
Dogecoin is trading at an all-time high at the global average transaction price. At the same time, Dogecoin is trading for $0.2289 (about 256 won), up 74.42% from the previous day on CoinMarketCap, a site for broadcasting cryptocurrency market conditions. Dogecoin jumped more than 4600% this year alone.
Dogecoin is a cryptocurrency created after the popular Shiba Inu meme “Doji,” which was popular online, and was created by Billy Marcus and Jackson Palmer in December 2013. Dogecoin was used on social media such as Reddit and Twitter as a tip payment to acknowledge the creator’s contribution.
Dogecoin gained popularity when Elon Musk, Tesla CEO, mentioned Dogecoin as one of his favorite cryptocurrencies. Musk’s CEO refers to Dogecoin as “the cryptocurrency of all of us” and has been enthusiastically cheering for it through social media.
This bull market was also led by Musk. On the 13th (local time), a Twitter user told Musk CEO “(more investors) to make it easier to access (invest) Dogecoin” ahead of the listing of the US’s largest cryptocurrency trading site’Coinbase’ on the NASDAQ. “Do you think Base should list Dogecoin?” Musk left a short answer, saying, “Yes.”
Immediately after Musk’s remarks, Dogecoin exploded on domestic and international cryptocurrency trading sites. Dogecoin was traded at 80 won (closing price) each on the last 9 days, just a week ago.
Currently, Coinbase does not support Dogecoin transactions. Industry analysts say, “It reflects the expectation that if Coinbase lists Dogecoin due to the influence of Elon Musk, the transaction volume will increase and the price will also jump.” As Elon Musk’s comments on Twitter led to a rise in the market price, a trade bot was developed that automatically buys bitcoins whenever he makes a cryptocurrency comment on Twitter.
Meanwhile, Musk posted a picture of Spanish painter Joan Miro’s’Dog Barking at the Moon’ on his Twitter on the 14th (local time) and said, “Doge Barking at the Moon.” (Dog)) left a Twitter.
‘Moon’ contains the meaning of hoping that the cryptocurrency market will rise as if a rocket is heading towards the moon. Accordingly, the cryptocurrency trading industry sometimes uses the expression’To the moon’ in hopes of a bullish market.
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