According to the resource CoinMarketCap, Dogecoin is currently the fourth largest cryptocurrency in the world by market value. Originally conceived as a joke and created in 2013 based on the popular Shiba Inu dog meme, Dogecoin quickly gained popularity and grew rapidly. Over the current year, the cryptocurrency has added 14,000%, and now its capitalization is $ 85 billion. Only Bitcoin, Ethereum, and Binance Coin have more.
The reason for such a lightning-fast growth of Dogecoin is rather strange, and here it was also not without Elon Musk. The fact is that the head of SpaceX and Tesla is a longtime supporter of Dogecoin, which he calls “the people’s cryptocurrency.” On Tuesday, May 4, the meme cryptocurrency is up over 60%. Apparently, this is due to Musk’s tweet, in which he asked his followers to share ideas for parody sketches on Saturday Night Live, where the entrepreneur will be the host. Of course, Dogecoin was not without.
Cryptocurrency growth accelerated in 2021. Bitcoin is up over 80% since the beginning of this year, while Ethereum is up over 300%. Today, the market value of Bitcoin is over a trillion dollars, and Ethereum is almost 400 billion dollars. It should be expected that the further growth of Dogecoin, in particular, will be associated with the words and actions of Elon Musk.