Dogecoin doubles in value as Elon Musk backs crypto once again

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The price of Dogecoin, a meme-inspired cryptocurrency created in 2013, has hit the headlines once again as the ongoing crypto frenzy in the market caused it to double in value in 24 hours.

In mid-morning trading on Friday, the price of Dogecoin was up 100% at US$0.26, with the unprecedented demand for the digital coin causing issues on US Robinhood trading platform overnight before its crypto services were fully restored in early morning.

READ: Dogecoin value surges following Musk intervention

Unsurprisingly, the surge was helped by Elon Musk’s endorsement on Twitter, with the Tesla Inc (NASDAQ:TSLA) boss once again sub-tweeting Doge related images and phrases.

Doge Barking at the Moon pic.twitter.com/QFB81D7zOL

— Elon Musk (@elonmusk) April 15, 2021

Musk caused the price of Dogecoin to surge back in early February after similarly tweeting a flurry of cryptic memes and text that was interpreted by many to be an indication of his support for the cryptocurrency.

The most recent surge means Dogecoin now has a market cap of around US$33.4bn.

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