The price of Dogecoin, a meme-inspired cryptocurrency created in 2013, has hit the headlines once again as the ongoing crypto frenzy in the market caused it to double in value in 24 hours.
In mid-morning trading on Friday, the price of Dogecoin was up 100% at US$0.26, with the unprecedented demand for the digital coin causing issues on US Robinhood trading platform overnight before its crypto services were fully restored in early morning.
Doge Barking at the Moon pic.twitter.com/QFB81D7zOL
— Elon Musk (@elonmusk) April 15, 2021
Musk caused the price of Dogecoin to surge back in early February after similarly tweeting a flurry of cryptic memes and text that was interpreted by many to be an indication of his support for the cryptocurrency.
The most recent surge means Dogecoin now has a market cap of around US$33.4bn.