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Guy Fieri dogecoin: Meme coin spikes today after Twitter endorsement

Bruno Cooke April 14, 2021
guy fieri dogecoin
Photo by: NBC/NBCU Photo Bank via Getty Images

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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Photo by John Lamparski/Getty Images

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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SHARK TANK – 1212 First into the Tank are two friends from Mandeville, Louisiana, who introduce their bedding product designed to help bed-making more convenient. A trio of entrepreneurs from Hyattsville, Maryland, are on a mission to create a healthy lifestyle for families with their delicious plant-based take on a classic favorite food. An entrepreneur from New York City shows the Sharks an easy way to walk your dog without tracking dirt and germs, while another entrepreneur from Brooklyn, New York, presents her fun educational app designed to help kids learn coding on Shark Tank, FRIDAY, FEB. 26 (8:00-9:01 p.m. EST), on ABC. (Christopher Willard via Getty Images) MARK CUBAN

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.

PLEASE NOTE: Our publications do not offer investment advice and nothing in them should be construed as investment advice. … The information contained in our publications is not, and should not be read as, an offer or recommendation to buy or sell or a solicitation of an offer or recommendation to buy or sell any securities.

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Bruno is a novelist, amateur screenwriter and journalist with interests in digital media, storytelling, film and politics. He’s lived in France, China, Sri Lanka and the Philippines, but returned to the UK for a degree (and because of the pandemic) in 2020. His articles have appeared in Groundviews, Forge Press and The Friday Poem, and most are readable on Medium or onurbicycle.com.