Dogecoin market value jumps after Elon Musk's 'Doge barking at moon' tweet

Space X and Tesla CEO Elon Musk stoked his favourite cryptocurrency Dogecoin’s market value Wednesday with another Dogecoin tweet that depicted Spanish artist and sculptor Joan Miró’s painting ‘Dog Barking at the Moon,’ which the billionaire boss tweaked to ‘Doge Barking at the Moon’. Musk’s tweet came after the meme-themed token made it to the top10 crypto assets by market capitalization and the cryptocurrency attained a new record high of 68.0 percent in the past 24 hours.

Musk, who had previously called himself the “CEO of Dogecoin” spiked the prices of the meme token as investors ramped up the active trading pushing the coin’s value beyond the $0.1 resistance to $0.130080 at the time of this press. As the price of the cryptocurrency inspired by the popular 2013 meme skyrocketed, Musk shared the Spanish painting portraying the moon, a long ladder, and the dog, whom he called DOGE, barking at it. 

As it ranked as one of the top valuable cryptocurrencies with market capitalization surpassing bitcoin cash (BCH) and chainlink (LINK), due to what Messari speculated global crypto market skyrocketing to the US $ 2.22 trillion. The trend pushed some 100 cryptocurrencies’ market capitalization to $1billion. QCP Capital attributed the Coinbase cryptocurrency hype to valuations and domino effects in other markets.  XRP, meanwhile traded at $1.7430, an estimated12 percent below the highest level this week. Although Ethereum's value surged by 5.76 percent, it closed the day at $2,432.54. the cryptocurrency was still up by more than 210 percent this month. DOGE rebounded by more than 30 percent according to the Coinbase listing. 

[Image Credit: TrendingView]

Musk's market influence on DOGE

Elon Musk managed to influence the market contributing to Dogecoin’s 25 percent surge in value since last year after he tweeted, "Bitcoin is almost as bs as fiat money,” referring to an inorganic currency whose value is based on public trusts, such as Dollar, the British Pound, INR, etc. he then fired another tweet that caused a ripple, “One word: Doge .” He also, at one point changed his Twitter bio to "Former CEO of Dogecoin,” which immediately shot the market value of DOGE by 17 percent, up from 0.0039 to 0.0046 dollars. DOGE cryptocurrency was created from Litecoin after the Internet meme “doge” popularized, which featured Shiba Inu breed pooch known as ‘Cheems'. At the time the token was created, last year in July,  Dogecoin ranked 41st among the top decentralized financial tokens (DeFi) according to the CoinMarketCap data, until yesterday, it made it on the top 10 listings.

(Image Credit: Twitter/@PatFry64683391/@elonmusk)