Dogecoin's price increased 20% in 24 hours on Wednesday to 32 cents after Tesla CEO Elon Musk and the owner of the Dallas Mavericks, Mark Cuban wrote a series of tweets, ShareCast reports.
Elon Musk and Mark Cuban both made tweets supporting the meme-inspired cryptocurrency.
On Wednesday, Musk merely tweeted: "The Dogefather SNL May 8." This is both a referral to his frequent tweets about dogecoin-- which he claims are "just indicated to be jokes"-- and Musk's organized look on Saturday Night Live.
Mark Cuban had actually composed a number of posts 2 days in the past. The billionaire business owner and TELEVISION character stated his NBA group was on track to finish 6,000 dogecoin deals in April.
" Doge is the one coin that individuals actually utilize for deals," Cuban stated, when asked by a user why he was backing dogecoin. "People spend their Doge and that indicates more businesses will begin taking it."
According to data from Coin Metrics, the cryptocurrency, which started as a joke in 2013, hit a record high above 45 cents previously in April.
The crypto is now the sixth-largest digital coin with a total market price of almost $42bn.
It wasn't the first time that a tweets from Musk had triggered a price spike. The billionaire Tesla CEO as soon as called dogecoin his "fav" cryptocurrency and "individuals's crypto."
There was issue amongst some investors that a speculative bubble was forming in Dogecoin.