In the early hours of February 8, the price of Dogecoin surged 41% from $0.058 to $0.082, hitting a fresh high. As of writing, the coin was trading at around $0.071, according to CoinGecko.
Price chart for DOGE. Data: CoinGecko.
One possible reason for the price rise was support from American rapper Snoop Dogg. On February 6 he posted a meme featuring the cryptocurrency symbol, with a Shiba Inu dog in the image of himself, and mentioned Elon Musk.
@elonmusk pic.twitter.com/KElwKghpei
— Snoop Dogg (@SnoopDogg) February 6, 2021
CEO Tesla and SpaceX responded with a joke. In the image, Musk is shown holding a performer from the rock band Kiss, Gene Simmons, who had previously talked about investing in Dogecoin.
So … it’s finally come to this … pic.twitter.com/Gf0Rg2QOaF
— Elon Musk (@elonmusk) February 7, 2021
The cryptocurrency was also backed by musician Kevin Jonas.
All I’m saying… $doge
— kevin jonas (@kevinjonas) February 7, 2021
Later, Musk posted a playful video titled “D is for Dogecoin.”
Ð is for Ðogecoin! Instructional video.https://t.co/UEEocOfcTb
— Elon Musk (@elonmusk) February 8, 2021
Galaxy Digital founder Mike Novogratz expressed concern about the asset’s prospects.
I actually think the $DOGE frenzy is gonna end poorly. Same reason $GME did. Greed and Gravity. $DOGE doesn’t have a purpose. Stay with $BTC, $ETH, defi coins. Plenty of smarter ways to play this crypto rally.
— Mike Novogratz (@novogratz) February 7, 2021
«The DOGE mania will end badly. For the same reason as GME. Greed and gravity. DOGE has no purpose,» wrote Novogratz.
Earlier, Dogecoin rose almost 50% in under an hour after Musk’s tweets.
As noted, an unidentified crypto whale concentrated more than 28% of Dogecoin in one address.
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