The rapper took to social media to tell his followers about his big new investment, tweeting ‘I just grabbed some doge I’m tired of missing out.’
In an Instagram story, Meek shared a screenshot of the transaction, which shows him dropping $50K in return for more than 94,000 of the virtual meme coins, which at the time of his purchase were trading at around $0.54.
Clearly, the hype around Dogecoin was just too heavy for Meek to ignore, with the rapper writing ‘I just grabbed some doge birds too much money moving for me lol.’
It’s not the first time the rapper has expressed an interest in cryptocurrency. Following the GameStop surge (remember that?) back in January he urged his followers to get on board with him to learn more about the world of investing. ‘I need everybody that rock wit me to learn about stocks and crypto currency!!!!!! ASAP!!!!!!’ he wrote on Twitter.
In February, he revealed he’d applied to join the online trading platform RobinHood, accusing the app of ‘holding my money up.’ Now, it looks like he’s finally managed to get his hands on some Dogecoin.
Meek’s investment comes as Dogecoin yesterday saw yet another surge, hitting an all-time high of more than $0.45. The meme currency’s value has skyrocketed since the start of the year, with its market cap up more than 9,000% in 2021 alone.
Although Dogecoin’s rally began as a grassroots campaign by crypto-enthusiasts and meme fans on Reddit and Twitter, it’s gained momentum thanks to a number of very high profile supporters. Its biggest backer, Elon Musk, has devoted himself to spreading the word about Doge on Twitter, and this week promised to take things a step further, telling followers he would ‘definitely’ mention the cryptocurrency during his hosting stint on Saturday Night Live this coming weekend.
Meek isn’t the first rapper to be inspired by Musk to jump on the crypto trend. In February, Snoop Dogg sent the price of Dogecoin up by more than 55% after tweeting a meme of the Shiba Inu – the dog that inspired the cryptocurrency – as ‘Snoop Doge’.
Meanwhile, rapper Lil Yachty has taken things a step further, announcing last year that he was partnering with a Swiss company to create his own ‘YachtyCoin’ cryptocurrency available only to investors based outside the US.