Two weeks after billionaire and Tesla head Elon Musk noted Dogecoin, the meme-based cryptocurrency has gone parabolic, rising 121%. At the time of writing, the price of Dogecoin had increased past $0.01, though it has pulled back on the day.
The coin now has a market cap of $1.3 billion. The coin was worth just $0.002 cents one year ago for a 441% price increase YTD.
While Google Trends shows an increase in mentions, chatter on the internet has not reached the volume when Mr. Musk highlighted the coin in a tweet just two weeks ago.
That tweet sent the Dogecoin price up nearly 20%. It has graced Twitter’s trending topics numerous times since. He even updated his Twitter bio with the title “Former CEO of Dogecoin.”