The cryptocurrency Dogecoin soared 40% thanks to the tweets of support by Elon Musk, the CEO of Tesla, an electric vehicle company, and the actions of a leading cryptocurrency exchange that posted Dogecoin as a transaction item.
According to the cryptocurrency information site CoinDesk, the price of Dogecoin as of 1:30 p.m. on the 14th (5:30 a.m. Korean time) on the 14th was $0.5489, a 41.93% increase from 24 hours ago.
Accordingly, the market cap also rose to $71.3 billion, regaining the fourth place in virtual currency by market cap size.
Dogecoin soared to an all-time high of $0.7250 on the 7th, then fell down to $0.4515 after Musk appeared on the comedy show'Saturday Night Live' (SNL) on the 8th and joked that Dogecoin was'scam'.
In addition, when Musk made a bombshell saying that Tesla would not accept Bitcoin as a payment method on the 12th, it went down to $0.3840, half the highest price.
However, on the 13th, when Musk posted a tweet saying, "We are working with the Doji developers to improve the efficiency of the (Doji Coin) trading system," the work is "potentially promising," and the price jumps. It is the appearance that it is.
Coinbase, a cryptocurrency exchange listed on Nasdaq, announced on the 13th that it will support trading Dogecoin on its platform 6-8 weeks later, the economic media CNBC reported.
In the meantime, DojiCoin investors have mainly used Robin Hood, a fee-free investment application (application), and CNBC predicted that this action will further promote Dojicoin trading.
Unlike other cryptocurrencies, Dogecoin has no intrinsic value as it can be issued indefinitely, and there are many financial experts who are concerned that the current price surge is only a bubble.
At the same time, the price of Bitcoin increased by 0.47% to $49,397.533, with the market cap rising to $925.6 billion.
In addition, Ethereum rose 7.87% to $3982.69, increasing its market cap to $461.5 billion.