A textless meme of a dog in a T-shirt tweeted by the world’s wealthiest man Elon Musk sent one of the world’s largest cryptocurrencies up 12% Tuesday.
Outside from the canine tokens, the crypto market broadly rose, with bitcoin and Ethereum gaining 2.6% and 5%, respectively.$10.2 billion. That’s how much in market capitalization dogecoin has gained since October 4, the day Musk’s intent to close the Twitter deal went public. Its $19.1 billion market cap is roughly the same as Hewlett Packard.Dogecoin briefly reached a market cap of about $70 billion last year when it peaked near $0.
70 before quickly losing its luster, falling to as low as $0.05. Much of dogecoin’s surge came as Musk relentlessly touted the coin. This year has been bleak for crypto, with bitcoin down 57% year-to-date, compared to a 19% loss for the S&P 500. Doge’s rise and fall mirrored that of several other meme assets, including stocks like AMC, Bed Bath & Beyond and GameStop.
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