Elon Musk, CEO at Tesla (NASDAQ: TSLA), and SpaceX have just sent Dogecoin cryptocurrency to “the moon” again. The meme-based cryptocurrency surged 35% higher following Musk’s tweet.
Dogecoin — first launched in 2013 as a joke, currently has a market capitalization of $7.81 billion and 113 billion mined coins to date. The meme cryptocurrency reached an all-time high of 0.065448 on Sunday. Furthermore, the year-to-date returns on the Dogecoin were over 1,000%.
Meanwhile, Musk is helping drive the Dogecoin to a new all-time high every time he tweets. On Saturday night, Musk posted a Twitter poll, asking his 45.8 million followers to choose “the future currency of Earth.”
Musk gave two options: “Dogecoin to the Moooon” or “All other crypto combined.”
Consequently, 2.4 million followers contributed to the vote, and voters chose Dogecoin over other cryptos. The poll results were: 71.3% of the 2.4 million who voted for “Dogecoin to the Moooonn.”
This is the second time that Musk drives Dogecoin’s price to a record-breaking price. Last week, he described Dogecoin as “the people’s crypto” and the digital token saw a 59% increase in result.
Bitcoin blasts above 40,000 again, altcoins suffer corrections
On Saturday, the largest cryptocurrency Bitcoin (BTC) soared to $40,000 again. The number one digital token by price and market cap recovered after one month of struggling with correction. Consequently, several traders shifted to Bitcoin again — selling their altcoins and causing a downturn to several altcoins such as ETH.
In conclusion, the cryptocurrency market is gaining more and more attention over the years. As of this writing, there are over 53 million Bitcoin traders.
Jay Hao, CEO of crypto exchange OKEx, told Cointelegraph said: “There is a great sense of injustice about some of the opaque practices of Wall Street and the unfair distribution of wealth. I believe that more and more of society is beginning to wake up to this fact particularly with the K-shape recovery that we are seeing in which high-net-worth individuals have increased their wealth during the pandemic. With more platforms allowing retail investors direct access to invest in equities, we are seeing a democratization of the investment space and more power in the hands of the people.”