Meme currency Dogecoin has spiked during the weekend. It reached an all-time high and rose by around 55%.
This recent price rally has been linked to Snoop Dogg. The America rapper tweeted a meme of a Shiba Inu, the dog breed that represents the DOGE token.
Snoop Dogg Influenced Dogecoin Price
The price of the cryptocurrency started trading around $0.056 at the start of the day. It rose to $0.0872 Sunday afternoon before settling back to $0.084, going up to 55%.
In the last 24 hours, the price of the cryptocurrency has risen more than it has last month. Comparing its price from last year to the current one, the cryptocurrency has risen by over 1,380%.
It is believed Snoop Dogg’s involvement in the Doge economy caused the spike in the coin’s price.
Elon Musk, Gene Simmons and Snoop Dogg in That Order
Elon Musk, the CEO of Tesla and the richest man in the world, now also doubles as a Doge promoter. He explained the Doge fame sequence in a Lion king esque pose.
Posting the description on his twitter page, he held up Gene Simmons who in turn held up Snoop Dogg who held up the dogecoin meme dog, “Shiba Inu”.
More celebrities are joining the Dogecoin bandwagon. After Simmons made a tweet referring to himself as the ‘God of Dogecoin’. Interestingly, pop music star Kevin Jonas let in his support for the cryptocurrency with a Tweet on Saturday evening.
Posts from various celebrities was enough to push the price up with it moving past Bitcoin Cash (11), Chainlink (10), Litecoin (9) and BNB (8) to jump to 7th.
At the time of writing, DOGE had a current market value of $10.8 billion.