Meek Mill paid a pretty penny to alleviate his FOMO.
On Tuesday afternoon, the Philadelphia rapper took to social media to announce he had purchased $50,000 worth of Dogecoin—a cryptocurrency that has experienced a massive surge this year, thanks in large part to Elon Musk’s co-sign.
“I just grabbed some doge,” he tweeted. “I’m tired of missing out.”
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. The crypto reportedly launched in 2013 as a joking response to the burgeoning cryptocurrency craze. The “memecoin” features the face of a cartoon Shiba Inu and has built a cult-like following around the world.
Musk and billionaire Mark Cuban are among the celebrities who have promoted Dogecoin on social media; the former suggested he will reference the crypto in some way during his hosting gig on Saturday Night Live this weekend.
“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. The Dogecoin bubble should have popped by now, but institutional interest is trying to take advantage of this momentum and that could support another push higher.”
Meek began expressing interest in cryptocurrency earlier this year, and invited his followers to join him in learning more about stocks and blockchain technology.