The Dogefather tweeted and Dogecoin soared by another 20%

The price of Dogecoin (aka people’s coin) soared 20% in the last 24 hours to 32 cents after Elon Musk and Mark Cuban both made tweets supporting the meme-inspired cryptocurrency. In a post early this morning, Musk tweeted: “The Dogefather,” a play on The Godfather film series.

The Dogefather
SNL May 8

— Elon Musk (@elonmusk) April 28, 2021

Musk is not alone in offering his support for the fourth popular cryptocurrency. Billionaire Mark Cuban, the owner of the basketball team the Dallas Mavericks, is another fan of Dogecoin. In an appearance on Ellen DeGeneres’ daytime talk show on Tuesday, Mark explained the dogecoin phenomenon to millions of her viewers saying Dogecoin as “a whole lot better” of an investment “than a lottery ticket.”

Besides, Mark has posted several tweets in support of Dogecoin. On Monday, Cuban said his NBA team was on track to complete 6,000 dogecoin transactions in April.

Because Doge is the one coin that people actually use for transactions. We take many others via @BitPay . But people spend their Doge and that means more businesses will start taking it. The greatest inhibitor to it's growth is that you can't spend the Doge you buy on Robinhood https://t.co/TrhT9pYkcb

— Mark Cuban (@mcuban) April 26, 2021

Dogecoin started as a joke in December 2013 based on the popular “doge” meme represented by a Shiba Inu dog as its logo, literally taken from the “Doge” meme. Just a week ago. Today, Dogecoin is now the fourth most popular cryptocurrency in the world with a price hovering around $0.37. Just this week, Dogecoin soared 300%, making some Reddit users overnight Dogecoin millionaires. Since then, the price has fluctuated back and forth.

Dogecoin’s market capital has topped $50 billion, making it bigger than Ford or Marriott. Even with all the good news about the sudden rise in the price of Dogecoin, SEC Commissioner Hester Peirce is warning people about what they are investing in.