Dogecoin, the meme-inspired cryptocurrency, has hit its highest level in a week as crypto markets continued their recovery from a flash crash two weeks ago.
In late morning trading in London, Dogecoin was trading at around US$0.33, up 21% over the last 24 hours giving it a market cap of around US$42.9bn.
The latest increase means Dogecoin is now trading around 16,400% higher than this time last year, although it is still off the all-time high of US$0.43 reached on April 16.
While the cause of the latest jump in value has yet to be ascertained, it may be connected once again to Tesla Inc (NASDAQ:TSLA) boss Elon Musk, whose previous comments relating to Dogecoin have served to send the crypto’s price surging in the past.
This time, it was a cryptic Tweet from Musk overnight on Tuesday, in which he dubbed himself “The Dogefather” ahead of an appearance on US comedy show Saturday Night Live on May 8 may be been the latest excitement trigger for Doge investors.
The Dogefather— Elon Musk (@elonmusk) April 28, 2021
SNL May 8
Meanwhile, original crypto Bitcoin was having a less positive session, falling 0.7% to US$54,325 shortly before midday.