Dogecoin has shocked the world in the last 24 hours with an insane rally. At the time of press, the meme coin is up by 80%. It has since marked a new all-time high of $0.14. In a couple of hours, the digital coin has added $0.05935 to its price. The last 7 days have seen the altcoin gain more than 120%. It has remained unclear what has triggered the price surge.
At the start of the month, Tesla CEO Elon Musk stated that he would take Dogecoin to the moon ‘literally’. Elon has maintained that Dogecoin is his favourite coin and further suggested it could become the currency of the world in the future. Comments of taking Dogecoin to the moon were made on April Fools day. This made it hard for investors to determine whether Elon made them a joke or he was hatching a plan. Notably, he has also in the past suggested that he will buy Dogecoin from whales to reduce the concentration. So could his hand be in play?
As far as Twitter goes, he has made no announcement. In the past, he has made announcement whenever he has been involved with a crypto asset. So far, he has only sent out a cheeky image of a laughing dog GIF. A subtle message? We will have to wait for an official announcement.
— Elon Musk (@elonmusk) April 14, 2021
Dogecoin is now clearly in price discovery. Bulls will be looking to reach as high as $0.50 over the coming weeks. For now, there is the expectation that the digital asset will retrace after an explosive move. With a market cap of roughly $17 billion, there is $2 billion between it and 11th placed Chainlink. This is more than the $1 billion it needs to flip Litecoin in 9th place.
Celebrities Endorsing Dogecoin
Since Elon Musk began supporting Dogecoin, other notable celebrities have backed the project. Most notable is Mark Cuban. The Maverick Dallas owner saw his sports club begin accepting the altcoin for tickets and merchandise. In the last few hours, Cuban has confirmed that the team’s sales have increased by 550% over the past month. He further confirmed that the team has never sold the Dogecoin it receives.
FYI, the Mavs sales in @dogecoin have increased 550pct over the past month. We have now sold more than 122k Doge in merchandise ! 🚀🚀🚀 We will never sell 1 single Doge ever. So keep buying @dallasmavsshop https://t.co/li32cdtcED
— Mark Cuban (@mcuban) April 14, 2021
Guy Fieri, an American restaurateur, has also backed Dogecoin. Fieri shared a picture on Twitter in which he was wearing a spacesuit. Again, a subtle hidden message?
With celebrities pushing for adoption, Dogecoin could go as high as $1 before the end of the year.