Dogecoin Cryptocurrency Peaks after Celebrity Backing on Social Media

Twitter posts by entrepreneur Elon Musk, rapper Snoop Dogg, and musician Gene Simmons caused Dogecoin cryptocurrency to hit a historic high on Monday, according to CoinGecko, a website which tracks fluctuations in the value of the world’s major cryptocurrencies in real time, TASS reported.

“Dogecoin is the people’s crypto,” Musk posted on Twitter, following by several over tweets supporting the cryptocurrency. Rapper Snoop Dogg and Kiss bassist Gene Simmons later agreed with him with various posts about the currency on social media.

Dogecoin price on Monday rose to an all-time high of $0.823. Market capitalization has surpassed the $13.5 bln mark. The price later declined. Dogecoin currently reaches $0.069 (+20.4%).

At the end of January, Musk’s tweets led to a sharp growth of another cryptocurrency – bitcoin. Within one hour, it rose by $5,000 to $37,299 after Musk added the cryptocurrency’s hashtag to his account.