Dogecoin Hits New All-Time High Above 10 Cents — Someone Go Tell Musk

Dogecoin (DOGE), the joke cryptocurrency, hit a all-time high above the psychologically important $0.10 on Tuesday evening at press time.

What Happened: DOGE soared 47.06% in a 24-hour period to $0.104 leading up to press time and is up 60.6% on a seven-day trailing basis.

The Shiba Inu-themed cryptocurrency has soared nearly 1,900% since the year began. The apex cryptocurrency Bitcoin (BTC) has returned about 117.47% in the same period.

BTC traded 5.84% higher at $63,437.61 at press time. The apex coin too hit an all-time high on Tuesday of $63,742.28.

The total market capitalization of cryptocurrencies stood at $2.19 trillion as of press time.

See also: How to Buy Dogecoin (DOGE)

Why It Matters: DOGE was buoyed by strong momentum on social media. The coin took the top spot in the Stocktwit list of ten trending tickers. Ardent Doge supporters have been keenly waiting for Doge to hit the $0.10 mark, especially since Musk went into a DOGE twitter-frenzy earlier this year. The fans see the $0.10 achievement as a stepping stone to Dogecoin ultimately hitting $1.

The meme-themed cryptocurrency often gets discussed by Elon Musk, the CEO of Tesla Inc TSLA. Over the weekend a tweet from the entrepreneur was interpreted to suggest that DOGE was “going to the moon very soon.”

Memes are central to the success of Dogecoin, according to its co-creator Billy Markus.

See Also: What Are Dogecoin Cash And DogeCash? How Are They Different From The Real Meme Lord?

Market News and Data brought to you by Benzinga APIs
Posted In: CryptocurrencyNewsMarketsMoversTrading IdeasBitcoindogecoinElon Musk
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!