The price of Dogecoin has seen over a 79% increase in a day setting a new all-time high of over $0.14. It is the tenth cryptocurrency by market cap which stands at above $16.1 B.
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The coin is one of the top performers of the year in general. It gained more than a 2000% increase in 2021.There were several reasons for the surge such as Tesla CEO Elon Musk's occasional tweets about the cryptocurrency, users' activities on social media forming the movement "Dogecoin to the moon" and Coinbase listing on Nasdaq. The last one impacted all the cryptocurrencies in general.
Dogecoin was formed in 2018 as a joke coin. Its face was the dog Shiba Inu, a popular meme widely used on the internet. Although no one could imagine at first that the coin will become valuable, Doge continues to set new records. More companies began to adopt the coin as a payment method. Among them is an NBA team Dallas Mavericks and crypto platform BitPay.