DogeCoin, initially designed to parody cryptocurrencies, surged last Friday morning to reach a high of 43 cents, a record high for the meme cryptocurrency that was still selling for 5 cents in March, 2021. The value then dipped a bit from the .43 cent pinnacle back down to 38 cents. The market cap of DogeCoin — which started as a joke and is literally classified as “a memecoin” — was recently $48 billion but has since surged much higher again to with a per coin value at a new peak of over .65 cents.
It’s the culmination of a semi-ironic movement that’s involved thousands of buyers, tens of thousands of online posters and the world’s richest man, Elon Musk. Just as the Reddit community Wall Street Bets rallied to try to pump GameStop stock up to $1,000 per share (it got up to $483, short of the goal but a dramatic spike from the 52-week low of $3.77), cryptocurrency communities became attached to the idea of “sending” DogeCoin to 10 cents. Now it’s soared past that goal and then some.
In early January, each token was worth less than 1 cent. In late January, when the two meme darlings, GameStop and DogeCoin frenzies really got going, the price of DogeCoin hit a hefty 7.5 cents before sliding down to 2.5 cents. The coin subsequently spent several months in the 3 cent to 7 cent range. Now, “to the moon” is no longer an exaggeration.
The surge from 40 cents to over 65 cents could be the result of Doge’s highest-profile supporter, Elon Musk, tweeting out support for the cryptocurrency on Thursday:
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