Dogecoin’s price has soared 20% in the last 24 hours to 32 cents, according to data from Coin Metrics. The meme-inspired cryptocurrency hit a record high above 45 cents earlier this month, sparking fears of a potential bubble in the crypto market.
Initially started as a joke in 2013, dogecoin is now the sixth-largest digital coin with a total market value of almost $42 billion, according to CoinGecko. It takes its name and branding from the “Doge” meme, which depicts a Shiba Inu dog alongside nonsensical phrases in multicolored text.
It has often spiked in price following tweets from Elon Musk. The billionaire Tesla CEO once called dogecoin his “fav” cryptocurrency and “the people’s crypto.” Musk is also a supporter of bitcoin, with his electric car company having amassed nearly $2.5 billion worth of the cryptocurrency.
On Wednesday, Musk simply tweeted: “The Dogefather SNL May 8.” This is both a reference to his frequent tweets about dogecoin — which he claims are “just meant to be jokes” — and Musk’s planned appearance on “Saturday Night Live” next week.
But Musk hasn’t been the only one tweeting about dogecoin. Mark Cuban, the owner of basketball team the Dallas Mavericks, has made several posts about the meme-based token this week. On Monday, the billionaire entrepreneur and TV personality said his NBA team was on track to complete 6,000 dogecoin transactions in April.
“Doge is the one coin that people actually use for transactions,” Cuban said, when asked by a user why he was backing dogecoin. “People spend their Doge and that means more businesses will start taking it.”