A single tweet and it was a dog eat dog world in the crypto universe. As Elon Musk dawned his Dogefather avataar and tweeted that Tesla will make some merchandise buyable with Doge...Musk tweeted ...see how it goes.
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The digital token soared 33% as it got the backing from the world's richest man who was also named Time's most influential person for the year gone by.
Musk has been a vocal supporter of Dogecoin, even calling it his favourite coin during his SNL performace. The support from netizens was not far behind either. Memes and GIFs flooded microblogging site Twitter signalling the spike in cryptocurrency.
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Dogecoin was initially started as a joke by its creators Billy Markus and Jackson Palmer in 2013. It takes its branding from the Japanese shiba inu dog, which inspired the original “doge” meme. Dogecoin hit a record-high price above 74 cents in May, the token is down more than 70% from its all-time high.