JAKARTA - Dogecoin, a cryptocurrency with the Shiba Inu dog logo, is on the rise and touched a record high on Monday, February 8. Although this record did not last long, this increase could not be separated from the role of several figures who 'advertised' Dogecoin via Twitter.
It was started by Elon Musk who shared a tweet about Dogecoin in mid-December 2020. At that time, the Doge exchange rate rose drastically to reach 150 percent in just a few weeks.
After that, Doge's exchange rate fell. However, Doge again caught the eye after Musk, Snoop Dog and rock band Kiss base Gene Simons returned to share tweets regarding the cryptocurrency.
🎶 Who let the Doge out 🎶
- Elon Musk (@elonmusk) February 7, 2021
Launching Bloomberg, the Doge exchange rate rose to 8.2 US cents (US) with a market capitalization value of 10.5 million US dollars. Furthermore, Doge's value fell back down. Based on the latest observations, the Dogecoin exchange rate has now reached 8 US cents.
According to CoinGecko data, the Doge cryptocurrency occupies the top ten by market value. Side by side with Ethereum and Bitcoin. It is known, the value of Bitcoin also increased dramatically after Tesla Inc. revealed that he has made purchases with a total value of 1.5 billion US dollars.
Dogecoin's surprising rise due to the push of social media is just one example of a cryptocurrency revival over the past year. The two biggest coins, Bitcoin and Ether, have both peaked in recent weeks.
@elonmusk pic.twitter.com/KElwKghpei
- Snoop Dogg (@SnoopDogg) February 6, 2021
However, there is also a debate that predicts the future of the two cryptocurrencies. Whether they will be on the long-term investment radar or simply increase as a result of a wave of speculative buying under stimulating conditions is still uncertain at this time.
The well-known investment manager Bill Miller has recently backed up his funding portfolio with indirect Bitcoin investments through the Grayscale Bitcoin Trust. Miller is known as one of the early proponents of Bitcoin and a well-known investor. In 2014, he declared that he has his own cryptocurrency.
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