Cryptocurrency

Meme coin Dogecoin and its Ethereum-based spinoff SHIBA INU leapt in value following a tweet from Elon Musk.

The Tesla and SpaceX boss is a famous backer of DOGE and his social media activity can send the coin up seemingly at will.

After he tweeted a picture of his Shiba Inu dog on a Tesla, the market reacted.

DOGE shot back above Polkadot (DOT) into ninth spot in the valuation league table with an 11% jump in the last 24 hours. At the time of writing (7am UK), DOGE had hit 24 cents and is 19% up in a week.

SHIBA INU (SHIB) rose the most of the top 100 coins with a 55% boost on the back of the tweet. The coin, which was founded in August 2020, has surged about 8,000% in a year.

Market leader Bitcoin (BTC) is closing on $50,000 again thanks to a 3% rise and is 16% up over seven days.

Smart contract blockchain platform Ethereum (ETH), the world’s second most valuable crypto, saw a more modest climb of less than 1%. Standing at around $3,385, it is 15% up in a week.

Binance Coin (BNB) continued its recent strong performance with a more than 2% gain to $428. Still above Cardano in third place by market cap, its seven-day price is up 26%. 

The proof-of-stake blockchain platform’s ADA token improved 1% to $2.21 and is 2% up over seven days.

Despite a fall of more than 1% – the only major coin to drop in the last 24 hours – Solana is holding off XRP in sixth spot in the valuation table.

SOL is valued at $167 yet is 21% up in a week, while Ripple’s coin is at $1.05 thanks to a 1% climb and 12% up over seven days.

Polkadot (DOT) improved less than 1% to $31.35 and is 12% up in a week.

The overall market cap of the more than 12,300 coins is at $2.16 trillion, a 2% rise in the last 24 hours.

To see how the valuations of the biggest movers and shakers – and main coins – have changed over the last few days, click here.

For valuations of the top 250 coins by market cap (updated every 15 minutes), their market cap plus 24-hour price change and volume traded, see below.