Dogecoin is an open-source P2P digital currency. Despite starting out as a joke, the cryptocurrency has gained support. At the beginning of March, the operator of Bitcoin ATMs CoinFlip listed DOGE in its network, which includes 1,800 ATMs in the U.S. A few days later, Dallas Mavericks announced adding Dogecoin to its list of accepted cryptocurrencies. Later in the same month, Kessler Collection, the U.S.-based chain of luxury hotels, announced accepting crypto for payments, including Dogecoin.

The tweets by Tesla CEO Elon Musk at various times affected the price of Dogecoin. Today, he tweeted a GIF of a Shiba Inu dog laughing, thus boosting DOGE even more. Dogecoin currently has a market cap of over $16.1 billion, per Coin Market Cap data. Its price has increased by over 53% in the past 24 hours and it is trading at around $0.125 at the time of writing.  

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Dogecoin is a “fun” open-source digital currency, with a Shiba Inu dog from memes as its mascot. Its price has been very volatile in the past month, affected by tweets from Elon Musk. Moreover, there was support from other sources like WallStreetBets on Reddit and stars like Gene Simmons.

Tesla’s CEO tweeting about Dogecoin has become a norm. As a result, allegedly the US Securities and Exchange Commission (SEC) could investigate him for his comments on the coin. Musk openly expresses his opinion on DOGE, calling it his favorite and “the crypto of the people.” His Twitter posts spark a Dogecoin discussion even without mentioning the coin explicitly.  

With so much hype around Dogecoin, it has become the most discussed cryptocurrency on Twitter in February, according to the infographic by ICO Analysis. Even Bitcoin, enjoying a 10.1% share of mentions, gave away first place to DOGE with 10.4% of mentions.

DOGE hit an all-time high of about $0.084 on February 8 and has lost over 40% in value since then. The coin is now trading at around $0.050.          

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