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Dogecoin price has risen 15% in a 24-hour period following a free-fall in the cryptocurrency market on May 19, 2021. The price of Dogecoin fell significantly in the past few weeks after it started rising again reaching the level of Rs 31. This time again one of the main reasons for a surge in prices is a recent tweet by Tesla and SpaceX CEO Elon Musk. On Wednesday, Musk tweeted a picture of an old computer and other electronics along with an image of a dog referring to his childhood after which Dogecoin prices rose significantly.
Musk wrote in the tweet, “Found this pic of me as a child.” After the tweet with the Dog image, the value of Dogecoin rose again.
Found this pic of me as a child pic.twitter.com/hUEKluRAdP
— Elon Musk (@elonmusk) June 2, 2021
Earlier Elon Musk said on February 10 he had bought Dogecoin for his newborn showing his support towards digital currencies. Apart from Elon Musk’s tweet, Dogecoin also gained from the news that the first listed cryptocurrency exchange Coinbase will make the coin available on its trading platform.
Coinbase stated in its blog, “One of the most common requests we receive from customers is to be able to trade more assets on our platform. Per the terms of our listing process, we anticipate supporting more assets that meet our standards over time…Starting immediately, we will begin accepting inbound transfers of DOGE to Coinbase Pro. Trading will begin on or after 9 am Pacific Time (PT) Thursday, June 3, if liquidity conditions are met.”
Dogecoin (DOGE) was created in 2013 as a lighthearted alternative to traditional cryptocurrencies like Bitcoin. The Dogecoin name and Shiba Inu logo are based on a meme. Unlike Bitcoin, which is designed to be scarce, Dogecoin is intentionally abundant — 10,000 new coins are mined every minute and there is no maximum supply.
According to CoinMarketCap, “The live Dogecoin price today is $0.430234 with a 24-hour trading volume of $11,198,580,932. Dogecoin is up 14.14% in the last 24 hours. The current CoinMarketCap ranking is 6, with a live market cap of $55,873,760,547. It has a circulating supply of 129,868,178,051 DOGE coins and the max. supply is not available.”