American restaurateur and TV presenter Guy Fieri publicly endorsed cryptocurrency dogecoin yesterday via Twitter, along with Mark Cuban. What’s going on with dogecoin, why did it spike, and why did Guy Fieri and Mark Cuban tweet about it?
Guy Fieri dogecoin tweet
Guy Fieri took to Twitter yesterday with a public endorsement of cryptocurrency dogecoin.
Donning a space suit, with the famous doge meme encased within the spacesuit helmet, Fieri captioned his tweet, “Rollin’ out to the MOON”, with a space rocket emoji.
Billionaire entrepreneur Mark Cuban joined in too, tweeting about the skyrocketing sales of dogecoin, and claiming that his company “will never sell 1 single Doge ever”.
“So keep buying.”
Why did dogecoin spike today?
As a result of Guy Fieri and Mark Cuban’s activity on Twitter, along with other celebrity endorsements, dogecoin surged in value.
Its daily trading volume surpassed $4.5 billion for the first time.
The value of a single coin rose 70% in less than 48 hours, with some speculating that its value may soon reach $0.245.
One dogecoin is currently worth almost 14 cents, up from 6 cents a week ago.
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What’s going on with dogecoin?
Dogecoin, along with other cryptocurrencies such as bitcoin and ether (the currency of Ethereum), fluctuate in value. In other words, they go up and down a lot.
They do so less predictably than fiat currencies like the US dollar or the British pound.
The value of a unit of cryptocurrency depends in part on supply and demand. For example, there is a cap on the number of bitcoins that can exist – there cannot be more than 21 million.
But there are also external factors that affect cryptocurrencies’ values. Software updates, credibility and competition with other cryptocurrencies also impact the value of bitcoin, ether and dogecoin.
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What effect did Fieri and Cuban’s endorsement have on dogecoin?
Fieri and Cuban are public figures, each with a large platform and a degree of credibility when it comes to investments.
Fieri’s tweet has been liked over 34,000 times, while Cuban’s has been liked over 8,000 times. Both have also picked up thousands of retweets and quote tweets.
As a result, the credibility of dogecoin, according to public opinion, has increased. This, in turn, has boosted its value.
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