The digital currency Dogecoin surged by more than 85 percent so far this week in thrilling scenes for fans of the bizarre coin. Launched in 2013 and created by Jackson Palmer and Billy Markus as a joke, the cryptocurrency has never seen the highs of rival coins like bitcoin, which is currently worth $63,531.49. But a growing fanbase has helped kickstart the meme coins value, and today has seen the prices skyrocket.
How much is Dogecoin worth? Crypto price against USD and GBP
According to CoinDesk, Dogcoin has surged by 49.96 percent in 24 hours to $0.171956, as of 9.02pm on April 15.
In GBP, Dogecoin stands at £0.124731.
The market cap for Dogecoin is currently $22.19 billion in USD and £16.10 billion in GBP.
This comes after the price of Dogecoin hit a new record high of $0.115 on April 13 – and the coin shows no sign of slowing down.
Social media erupted with fans of the cryptocurrency celebrating the new highs today, with one sharing an image of the rising price, saying: “What just happened.”
One Twitter user wrote: “Dogecoin rocketing!!! All time high destroyed.”
Another said: “Dogecoin is out of control!” They added: “Dogecoin is truly the coin for the people. The crypto champ.”
A third posted: “Dogecoin to 0.19 in 15 minutes. $1 in a day is possible!!!”
The cryptocurrency has been supported by Tesla and Space X founder Elon Musk on Twitter, who tweeted the single word ‘Doge’ back in February.
The South African billionaire has shared dozens of memes, and the SpaceX CEO even vowed to put dogecoin on the Moon, yesterday sharing a bizarre image captioned: Doge Barking at the Moon.”
Musk also mentioned the cryptocurrency in a number of further tweets to follow.
In one tweet, he said: “Dogecoin is the people’s crypto”, while in another he added: “No highs, no lows, only Doge.”
Asked why he loves doge so much he replied to one Twitter user to say: “I love dogs and memes.”
He also admitted buying the coin, saying he purchased the “the future currency for Earth” Dogecoin for his nine-month-old son.
Musk has previously said his tweets about Dogecoin are “meant to be jokes.”
The cryptocurrency started as a parody of a viral meme involving a Shiba Inu dog.
Despite the surge in recent days, experts warn the rise in value won’t last.
David Kimberley, an analyst at Freetrade, told Express.co.uk: “People are buying the cryptocurrency, not because they think it has any meaningful value, but because they hope others will pile in, push the price up and then they can sell off and make a quick buck.
“But when everyone is doing this, the bubble eventually has to burst and you’re going to be left short-changed if you don’t get out in time.”