Dogecoin bounds to one-week high
The meme-inspired cryptocurrency has gained just over 20% in value over the last 24 hours
Dogecoin, the meme-inspired cryptocurrency, has hit its highest level in a week as crypto markets continued their recovery from a flash crash two weeks ago.
In late morning trading in London, Dogecoin was trading at around US$0.33, up 21% over the last 24 hours giving it a market cap of around US$42.9bn.
READ: Dog days for Dogecoin as meme-inspired crypto tumbles over 20%
The latest increase means Dogecoin is now trading around 16,400% higher than this time last year, although it is still off the all-time high of US$0.43 reached on April 16.
While the cause of the latest jump in value has yet to be ascertained, it may be connected once again to () boss Elon Musk, whose previous comments relating to Dogecoin have served to send the crypto’s price surging in the past.
This time, it was a cryptic Tweet from Musk overnight on Tuesday, in which he dubbed himself “The Dogefather” ahead of an appearance on US comedy show Saturday Night Live on May 8 may be been the latest excitement trigger for Doge investors.
The Dogefather
SNL May 8— Elon Musk (@elonmusk) April 28, 2021
Meanwhile, original crypto Bitcoin was having a less positive session, falling 0.7% to US$54,325 shortly before midday.
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