Elon Musk’s favorite cryptocurrency grew by 16% per day

The meme cryptocurrency Dogecoin (DOGE), which Elon Musk has repeatedly expressed his love for, rose in price by 16% per day.

According to TradingView, DOGE was trading at $ 0.087 on Sunday. The growth in Dogecoin’s value is driven by individual investor interest in the digital asset and the general recovery in the cryptocurrency market. In addition to DOGE, the value of bitcoin also rose on Sunday (to $ 25,050) and altcoins, including Ethereum and Solana.

Dogecoin was also included in the list of the most profitable cryptocurrencies of the day. Many analysts attributed the rapid growth of the coin to the words of billionaire Mark Cuban, who assured that «this meme cryptocurrency is a more convenient and perfect means of payment than Cardano (ADA).» The market capitalization of DOGE has reached $ 11.5 billion, and the volume of trading transactions has exceeded $ 1.11 billion. At the time of writing, DOGE is trading at $ 0.086.