Dogecoin is becoming the digital currency of the stars.
The cryptocurrency’s monstrous upsurge has attracted the attention of many A-list celebrities and business moguls, including singer Gene Simmons, rapper Snoop Dogg, adult entertainment star Mia Khalifa — and now American rapper Meek Mill.
The rapper told his 10.8 million-strong Twitter following that he had caved and purchased $50,000 worth of Dogecoin after getting tired of missing out.
Dogecoin was originally created as a parody in 2013. But after one of its co-founders exited from the project, the Shiba Inu-branded cryptocurrency continued growing and has ended up becoming a fan favorite.
It comes as no surprise that more business moguls and celebrities are jumping on the DOGE wagon. The cryptocurrency has been on a tear in recent months, thanks in large part to many campaigns on TikTok to try to push the price to $1. But in the past day, the DOGE price soared over 37%, reaching a fresh lifetime high above $0.69.
The pump followed a listing by multi-asset brokerage firm eToro. In the early hours of Tuesday, Winklevoss-owned Gemini exchange announced that it too would be listing Dogecoin on its platform, further fueling the coin’s ascent.
With the face-melting rally, Dogecoin’s market capitalization has skyrocketed to $86.32 billion, making it the world’s fourth-biggest cryptocurrency. This means that the meme cryptocurrency has overtaken Ripple’s XRP.
It should be noted that this is not Meek Mill’s first crypto rodeo. In January, the Philadelphia rapper vocalized his support for bitcoin via his Twitter account, even following Elon Musk’s example and adding it to his bio.
Not Everyone Is Sold On Dogecoin
As aforementioned, Dogecoin’s list of well-known supporters has been growing at a rapid clip over the course of the past couple of months. But despite the out-of-this-world success, not all industry pundits are buying into the hype.
For instance, CoinShares CEO Meltem Demirors told CNBC last month that Dogecoin is a bubble, adding that there is a reason her crypto investment firm has steered clear of the cryptocurrency. Bitcoin bull Anthony Pompliano has also revealed that he owns $0 worth of DOGE.
All in all, Dogecoin fans are anticipating some buzz to erupt from Elon Musk’s hosting of Saturday Night Live this weekend — subsequently taking their favourite cryptocurrency to the moon.