Elon Musk Tweet Spurs DOGE to New All Time High

A tweet from Tesla CEO Elon Musk has sent Dogecoin up to a brand-new all-time high. The latest ATH in a streak over the last few days.

The tweet, which went out on Thursday, is reported to have caused an 85% surge in Dogecoin’s value. An image of a painting by artist Joan Miró accompanied the Tweet, with a manipulated title of “Doge Barking at the Moon.”

The resulting surge allowed the virtual coin to hit a new all-time high of $0.313, as data states. The data from CoinMarketCap further indicates that Dogecoin currently has a market cap of nearly $41 billion. At the time of writing, it ranks in 7th place by market capitalization amongst all the other cryptocurrencies.

This record is just the latest in rapid growth over the past few days. According to data, DOGE had been on a decline since its high of $0.087 in Feb. However, since April 10th, there were signs of steady acceleration, culminating in a new ATH of $0.144.

It is not the first time that social media activity in Dogecoin’s favor has caused increases. Elon Musk’s cryptic tweets earlier in the year have had similar effects. For example, a tweet at the start of Feb., reading “Dogecoin is the people’s crypto.” This caused an increase of 75% for Dogecoin’s value. Furthermore, Musk’s tweets have been one of the main factors of the coin’s rise by 6,000% over the last six years.

The Tesla CEO is not the only one getting behind DOGE. Earlier this year, a Reddit group came out supporting the coin that originally started as a parody. At the end of January, the Reddit subgroup called SatoshiStreetBets’ sent Dogecoin’s value up by, at one point, over 600%.

Unprecedented demand

The crypto and stock trading platform Robinhood experienced a major outage this morning. The demand surge is attributed to Dogecoin, leading retail investors into buying the crypto this morning. This is another instance of the Musk Effect.

Robinhood was out of action for around two hours before the issue was fixed.

Earlier in the year, the platform restricted crypto trading on account of DOGE rallying. A decision that caused widespread complaints and consternation throughout the crypto community.

How DOGE Started

Dogecoin was first founded as a joke all the way back in 2013. Created by software engineers Billy Markus and Jackson Palmer, DOGE was designed to parody altcoin growth. They took the doge internet meme as inspiration for a new cryptocurrency derived from LiteCoin.