Elon Musk, the dogecoin-touting Tesla billionaire, has boosted the price of the meme-based cryptocurrency, tweeting his son is "holding his doge like a champ." The dogecoin price, down around 75% from its April peak, climbed off lows of under 17 cents following Musk's Twitter post. Dogecoin is up almost 6,000% on this time last year amid a broader crypto rally that's seen the bitcoin price add around 250% and hit an all-time high of around $65,000 per bitcoin. However, the price of bitcoin and the wider cryptocurrency market has fallen sharply over recent months, with the combined market losing $300 billion since mid-June. Helping you understand the world of bitcoin and crypto, every dayMORE FROM FORBES Goldman Sachs Reveals Surprise Coinbase Prediction After $1 Trillion Bitcoin And Crypto Price CrashThe dogecoin price climbed off lows of under 18 cents following Elon Musk's latest dogecoin tweet.

Source: Forbes July 17, 2021 17:37 UTC