Dogecoin is on a rally and here is the reason

Dogecoin is currently up almost 24 percent over the past 24 hours to $0.47, down a little from its record high earlier. The token is up around 60 percent over the past week.

The key explanation for the price increase is said to be the rising value of other crypto types such as Bitcoin and Ethereum, which has propelled the value of Dogecoin. Musk tweeted a picture of a dust storm with a Shiba Inu dog face as the ‘dogecoin norm’ blowing over the ‘global financial system’ on April 18 morning. Musk described it as “inevitable.”

The platform announced the news on Monday, stating the popular token had been added due to user demand. The Tesla and SpaceX CEO is known for his support of Dogecoin on Twitter, which often coincides with the token’s price jumping.

Dogecoin is a cryptocurrency and was first launched back in 2013. Dogecoin has the image of a Shuba Inu dog as its logo.

The image became a popular internet meme called doge, and it features the dog surrounded by text in the comic sans font with words like “much wow”.

Software engineers Jackson Palmer and Billy Markus originally created Dogecoin as a joke based on this meme.

It has been marketed as the “fun” version of bitcoin but has gained in value and attracted more serious interest since then.Two weeks after it first launched, the value of it jumped 300% after China banned banks from investing in cryptocurrencies, according to Investopedia.

The DOGE run seems to be unstoppable. Now as the prices reached a new peak, the meme cryptocurrency briefly replaced the payments-focused XRP as the fourth-largest cryptocurrency by market capitalization.