In the last one year, Dogecoin has marked a whopping 11,853.75 percent growth. This is significantly higher than the growth of 739.93 percent received by Bitcoin. However, the value of Dogecoin is still quite lower when comparing it with that of popular cryptocurrencies including Bitcoin and Ethereum.
Musk has been one of the prominent promoters of Dogecoin for some time. On Thursday, he tweeted an image with a caption that read, “Doge barking at the moon.” It hinted at the massive growth of Dogecoin in the cryptocurrency market.
However, this wasn’t the first time when Musk posted something about Dogecoin to show his support publicly. He in February posted a couple of tweets that helped the cryptocurrency grow as much as 50 percent.
In addition to Musk, other entrepreneurs have also been promoting Dogecoin. Dallas Mavericks owner Mark Cuban in March tied up with BitPay to allow his National Basketball Association (NBA) fans to purchase tickets and merchandise using Dogecoin as a payment method. He also predicted the $1-price mark of the digital currency.
Celebrity chef Guy Fieri, American singer Kevin Jonas, and rapper Lil Yachty are also amongst the key personalities supporting Dogecoin.
Dogecoin was released back in December 2013, though it was recently when it started grabbing investors’ interest. The currency was developed by software engineers Billy Markus and Jackson Palmer with the face of the shiba inu dog, popularly used in the ‘Doge’ memes.