Elon Musk's Favorite Crypto, Dogecoin Makes New Price Records

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Dogecoin's price increased 353.7% on its way to hitting yesterday's record. This cryptocurrency was once called Tesla's favorite CEO Elon Musk. Elon Musk's favorite cryptocurrency, Dogecoin hits records

The price of Tesla CEO Elon Musk's favorite cryptocurrency, Dogecoin, is up 353.7% in the week. The price had recorded US $ 0.29 yesterday (15/4). Coindesk data shows that the price of Dogecoin last week was US $ 0.06 (9/4). Today, it costs US $ 0.23

Meanwhile, data shows that Dogecoin's market capitalization is increasing, as well as surpassing bitcoin cash and chainlink. Dogecoin is also ranked as the 10th most valuable cryptocurrency. Thomas Perfuming, Head of Business Operations and Strategy at Kraken Digital Asset Exchange, the increase in Dogecoin price increases due to increased trading activity during January - February. Some traders buy Dogecoin in anticipation of rising prices

Dogecoin, Elon Musk's Favorite Crypto Asset, whose price jumped 592%. He also increased the Dogecoin price increase is a continuation of value in a dynamic and growing community. Tom Steltzer, cryptocurrency specialist at financial comparison site finder.com, said Dogecoin price soared because it supports by figures like Elon Musk. This put Dogecoin in the spotlight, so its price went up.

Elon briefly updated his Twitter profile with the description "Former CEO of Dogecoin". He also frequently pronounces Dogecoin on Twitter. "Doge 'barks on the moon", "Elon's Tweet raised the price of crypto assets." People saw the tweet and bought Dogecoin. Oscar also judged Dogecoin to continue to soar due to bitcoin's increasing popularity. “Bitcoin is indeed the king of crypto assets. However, every increase in bitcoin always drives the increase of all other crypto assets, "he said.

In addition, Dogecoin is an alternative currency that is resilient to inflation risks at a time when many countries and central banks are activating the stimulus for the Covid-19 pandemic. Dogecoin has actually been around since 2013, emerging from the crypto community by creating the 'Shiba Inu Dog' logo icon. However, this community continues to grow, so crypto assets are widely known

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