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Dogecoin Becomes 13th Most Valuable Crypto After Musk Fuels Rally

Published 02/04/2021, 03:51 PM
Updated 02/04/2021, 03:55 PM
© Reuters.
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By Yasin Ebrahim

Investing.com - Dogecoin held onto its gains Thursday, taking its market cap above $6 billion after Tesla (NASDAQ:TSLA) CEO Elon Musk paid homage to the meme cryptocurrency in a series of tweets on Wednesday night.

DOGE/USD jumped 50% to $0.04870, with its market cap jumping to $6.1 billion well above its previous record of around $1.1 billion.

Musk appeared endorse Dogecoin, which uses a shiba inu dog meme as its logo, calling the "people’s crypto," in a tweet on Wednesday night. "No highs, no lows, only Doge," he added.

Dogecoin, created in 2013 as a parody of the countless currencies that arrived on the scene to ride on the coattails of Bitcoin, is now 13 on the list of most valuable cryptos by market value.

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