Dogecoin ($DOGE), a cryptocurrency which started off as a joke, has soared after Tesla CEO Elon Musk dubbed it “the people’s crypto” in a tweet.
Dogecoin’s price jumped by 50% on 4 February shortly after Elon Musk, the world’s richest man tweeted that “Dogecoin is the people’s crypto”.
“No highs, no lows, only Doge”, he added. He also tweeted a meme featuring himself and Dogecoin in Disney’s The Lion King.
Dogecoin reached as high as $0.057624 on Thursday morning. At the time of writing, Dogecoin is trading at $0.04695648, up 22.8% over the previous 24 hours.
Dogecoin’s market capitalization stood at $6.36 billion, making it the twelfth largest cryptocurrency, surpassing USD Coin ($USDC), Aave, and Uniswap ($UNI).
Robinhood Instant Deposits for Crypto Purchases
Repeatedly boosted by Tesla CEO Elon Musk, Dogecoin, which uses a shiba inu dog meme as its logo, was started in 2013 as a joke.
Last week, the price of Bitcoin (BTC) jumped as much as 14% on Friday to a two-week high, after Elon Musk tagged the cryptocurrency in his Twitter biography.
Musk has removed Bitcoin from his Twitter biography on Thursday.
Bitcoin, the largest cryptocurrency by market cap, is now trading at $36,862.76, up 2.6% over the last 24 hours.
As cryptocurrencies are gaining traction with more mainstream investors, stock and crypto trading app Robinhood has reportedly re-enabled instant deposits for crypto purchases after almost a week.
According to social media posts from users, Robinhood’s website shows certain users have “instant access” to up to $1,000 for crypto purchases.