American singer, Meek Mill has purchased $50,000 worth of Dogecoin, a cryptocurrency that has experienced a massive surge this year.
Meek Mill took to his Twitter page to make the announcement. “I just grabbed some doge,” he tweeted. “I’m tired of missing out.”
Meek began expressing interest in cryptocurrency earlier this year, and invited his followers to join him in learning more about stocks and blockchain technology.
According to Market Watch, the price of Dogecoin has increased 11,000 percent since the beginning of 2021. On Tuesday, it reached a market cap of about $70 billion, making it the fourth most valuable cryptocurrency after bitcoin, ethereum, and binance coin.
Elon Musk and billionaire Mark Cuban are among the celebrities who have promoted Dogecoin on social media.
“Dogecoin is surging because many cryptocurrency traders do not want to miss out on any buzz that stems from Elon Musk’s hosting of Saturday Night Live,” wrote Ed Moya, senior market analyst at OANDA.
“Also known as the Dogefather, Musk will undoubtedly have a sketch on cryptocurrencies that will probably go viral for days and further motivate his army of followers to try to send Dogecoin to the moon.”