The digital token is inspired by the internet meme Japanese Shiba Inu dog. In the United States, Dogecoin was the most-googled cryptocurrency in 23 states, including Illinois, Florida, and Michigan.
One reason behind the surge of Dogecoin is the fact that Tesla might start accepting Dogecoin payments. According to a tweet by Musk earlier this year, the billionaire has collaborated with Dogecoin developers to make mining the token less power-intensive. In other words, Musk doesn’t want to contradict his Tesla goals of energy consumption.
Another reason is the army of Reddit traders “Doge Army Token”. The group pushed the currency to almost $0.07 from $0.007 at the start of the year. Then, Musk pushed Dogecoin to all-time highs of $0.70 before it plunged back to $0.24.
Nonetheless, Dogecoin is still one of the largest gainers in the crypto world with a 5,000% gain year-to-date.
“The rise in interest can be partially attributed to the endorsement of Elon Musk who stated earlier in the year that Tesla would accept dogecoin as a form of payment,” The Advisor Coach note said.
