Dogecoin Soars to New Record as Musk Fires off New Tweet

The price of Dogecoin rose to an all-time high on Sunday, February 7, after Elon Musk, Snoop Dogg, and Gene Simmons tweet Doge Army memes.

February 8, 2021 | AtoZ Markets – On the night of February 7, the price of Dogecoin cryptocurrency soared 41% from $0.058 to $0.082 and set a new high.

At the time of writing, the coin is trading at $0.075, according to TradingView. It now has a market value of almost $10 billion, making it the 10th-biggest cryptocurrency.

DOGE price growth graph. Data: TradingView.

Why Is Dogecoin Price Rallying?

One of the possible reasons for the rise in the price of Dogecoin was the support of the American rapper Snoop Dogg. On February 6, he published a meme with a cryptocurrency symbol, a Shiba Inu dog, in the image of himself and noted Elon Musk.

Tesla and SpaceX CEOs responded with a joke. In a scene from The Lion King, Musk is holding Kiss musician Gene Simmons, who previously talked about investing in Dogecoin .

The cryptocurrency was also supported by musician Kevin Jonas.

Musk later posted a comic video called “D is for Dogecoin”.

The founder of the cryptocurrency bank Galaxy Digital, Mike Novogratz, expressed concern about the future of the asset. According to him,  the DOGE madness will end badly. For the same reason as GME. Greed and attraction. DOGE has no purpose.

Earlier, Dogecoin was up nearly 50% in less than an hour after Musk’s series of tweets were posted.

Recall that an unknown cryptocurrency whale has concentrated more than 28% of Dogecoin coins on its address.

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