Dogecoin is Worth 10 Cents. Is Elon Musk's Favorite Meme Cryptocurrency the Next Bitcoin?

It started as a joke, but now the joke appears to be on the people who didn’t take Dogecoin seriously. The meme-cryptocurrency Elon Musk wouldn’t stop tweeting about has reached an all-time high. According to Coindesk, it has risen to 70.22% in the last 24 hours – the highest ever recorded. Currently (at the time of writing this article) Dogecoin’s value is $0.122680, or almost 12 cents. The market cap of DogeCoin — which started as a joke and is literally classified as “a memecoin” — is currently over $14 billion. This is the highest-ever for the cryptocurrency, and the result 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.

In early January, each token was worth less than one cent. In late January, when both the GameStop and DogeCoin movements hit their stride, the value of DogeCoin shot up to 7.5 cents, well over a 10-magnification, before sliding down to 2.5 cents. The coin has spent the past few months in the three- to seven-cent range. On Sunday, its price began to rise, from around six cents, before it smashed the 10-cent milestone