On Tuesday (August 16), Dogecoin ($DOGE), which happens to be Elon Musk’s favorite cryptocurrency, has most members of the crypto community shaking their heads in disbelief as it is up over 9% on the day, beating every other top 100 cryptoasset.

Popular meme-based cryptocurrency Dogecoin  was initially released on 6 December 2013, as a “fun and friendly internet currency.” It was created by Billy Markus and Jackson Palmer. Dogecoin is “a decentralized, peer-to-peer digital currency” that has as its mascot “Doge”, a Shiba Inu (a Japanese breed of dog).

Since then, its popularity has substantially increased, especially in the past couple of years, mostly thanks to support by billionaires Elon Musk and Mark Cuban (the majority owner of the professional basketball team Dallas Mavericks, as well as one of the “sharks” on the highly popular reality show “Shark Tank” , to the point that it is currently the 10th most valuable cryptocurrency, with a market cap of over $11.21 billion. In fact, in 2019, Musk said that $DOGE might be his favorite cryptocurrency.

On June 19, Musk tweeted that he will keep supporting Dogecoin, which was not too surprising given that he has been saying nice things on Twitter about Dogecoin for the past three years, and he made a similar comment on July 6:

Anyway, coming back to Dogecoin’s recent price action, according to data by TradingView, on crypto exchange Binance, currently (as of 7:10 p.m. UTC on August 16), DOGE-USD is trading around $0.0847, up 9.43% in the past 24-hour period. As for the past five-day period, the gain has been even more impressive, with DOGE-USD up 19.46%.

Earlier today, social media analytics startup LunarCrush tweeted that Dogecoin had “AltRank™ 1 out of the top 3848 coins across the market based on relative combined social + market activity.”

Around the same time, popular New Zealand based crypto analyst Lark Davis sent out a tweet in which he stated what he thinks has been driving the price of $DOGE and $SHIB higher.

And a few hours ago, pseudonymous crypto analyst “Altcoin Sherpa” provided to his over 181K Twitter followers the following technical analysis of $DOGE’s latets price action:

Image Credit

Featured Image via Pixabay