Hot DOGE! Meme-Based Cryptocurrency Soars More Than 800% to Record High

Well known DOGE lover Elon Musk tweeted a picture of dog posing on the cover of a magazine, a likely nod to DOGE's surge.

AccessTimeIconJan 28, 2021 at 4:40 p.m. UTC
Updated Aug 19, 2021 at 6:54 a.m. UTC

Presented By Icon

Election 2024 coverage presented by

Stand with crypto

Dogecoin (DOGE) surged more than 800% Thursday to about $0.082 per coin, giving the meme-based cryptocurrency a market value of about $7 billion and apparently prompting a congratulatory tweet from DOGE lover Elon Musk.

  • DOGE, which was started as a joke in 2013, is now the 10th most valuable cryptocurrency by market value, just behind Bitcoin Cash and ahead of BNB.
  • The price of DOGE rose to an all-time high of $0.082 per Messari, before settling down to $0.073, up 822% over the last 24 hours and bringing the year-to-date gains to about the same amount. Over $12 million worth of DOGE traded in the past 24 hours.
  • Why the token has soared is unclear but it's likely largely caused by attention from public Reddit trading collective Wall Street Bets along with a TikTok post about the "dogecoin army" by niche celebrity Carole Baskin from Netflix's "Tiger King."
  • Regardless of why DOGE is barking so loudly today, it certainly captured the imagination of the crypto pack and beyond. According to data provider The Tie, DOGE set a new record for the most tweets on a cryptocurrency over a 24-hour period, besting the previous marks set by leading cryptocurrency bitcoin on Jan. 2, 2021, and Dec. 22, 2017.
  • Erratic price action is not unusual for any cryptocurrency, let alone dogecoin. Last month, a few tweets from Tesla CEO Elon Musk sent the token flying. Today, Musk tweeted a picture of dog posing on the cover of a magazine, a likely nod to DOGE's surge.
  • Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
    13:18
    Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
  • Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
    05:10
    Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
  • The first video of the year 2024
    04:07
    The first video of the year 2024
  • The last regression video of the year 3.67.0
    40:07
    The last regression video of the year 3.67.0
  • UPDATED (Jan. 29, 03:10 UTC): Adds Musk tweet, updates prices, adds Twitter statistics.

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information have been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.