Dogecoin prices have increased by 12% in the past 24 hours due to celebrity endorsement. Several well-known social media influencers are continuing to show their support of the Shiba Inu dog cryptocurrency, due to which the prices have spiked up to $0.35.
In 2013, Dogecoin started as a joke, but recently it has become one of the largest cryptocurrencies with a market cap of $50 billion at the time of writing. The meme-inspired cryptocurrency has continued to pump up to 24.5% this week, making it on par with Bitcoin Cash which has a weekly gain of 24.8%.
Celebrity tweets endorsing the Shiba Inu cryptocurrency are the cause of the sudden spikes. An anonymous Twitter account by the name ‘WSB Chairman‘, having almost 1 million followers, including Elon Musk, tweeted recently stating the community’s strong support behind Dogecoin will legitimatize the cryptocurrency in the future.
Moreover, the WSB Chairman also stated that no other form of cryptocurrency has united people like Dogecoin. Dogecoin has attracted several types of people, or rather reputed brands such as Snickers, and Axa. On top of that, the Chief Executive of Tesla billionaire Elon Musk has consistently shown his support of Dogecoin, which in turn has made the billionaire CEO the poster boy for Dogecoin.
Billionaire Investor and NBA team owner Mark Cuban has voiced his thoughts on Dogecoin’s potential recently as well. According to Cuban, his team Dallas Mavericks have kept Dogecoins worth $39,200 on their balance sheet. In a recent episode of ‘Ellen’ last week, Cuban stated that Dogecoin is a better investment than a lottery ticket.
Famous YouTuber and comedian Remy Munasifi has shown his support for Dogecoin as well. In a recent rap video with over 10 million, the famous Youtuber made a subtle nod to Dogecoin as a show of celebrity endorsement