Dogecoin‘s value may finally be headed “to the moon,” as the cryptocurrency reached an all-time high of $0.43 USD on Friday morning before coming back down slightly.
The memecoin has recently exploded in popularity, surging over 150 percent within the last 24 hours, according to CoinDesk. The coin surpassed ten cents for the first time on Wednesday.
Doge Barking at the Moon pic.twitter.com/QFB81D7zOL
— Elon Musk (@elonmusk) April 15, 2021
Tesla has also made a sizable investment in Bitcoin, currently the biggest cryptocurrency. His frequent financial musings on Twitter have reportedly irked U.S. regulators, though Musk has responded by saying that it would be “awesome” if the Securities and Exchange Commission probed his social media activity. A recent study conducted by global consumer research platform Piplsay found that many Americans have been inspired to invest by Musk’s tweets.
Dogecoin’s surge follows a week of monumental moments for cryptocurrency. On Tuesday, Bitcoin jumped as high as $63,236 USD per coin, while Ether reached a record of $2,230 USD. On Wednesday, cryptocurrency exchange Coinbase made its debut on the Nasdaq, with shares opening at $381 USD. The direct listing rose the company’s valuation to just under $100 billion USD on a fully-diluted basis, and set a huge precedent as the first major player to go public.