On Friday, Dogecoin (Dogcoin) jumped 200% intra-day to $0.3981, up over 500% in a week and with a total market cap of over $50 billion.
Dogecoin started out as a joke. Today, Dogecoin is among the top 10 digital currencies.
The cryptocurrency is based on the “Doge” emoji that became popular in late 2013. The emoji depicts a Japanese Shiba Inu with meaningless phrases written in colorful and comical unscripted text.
In 2013, software engineers Billy Markus and Jackson Palmer created Dogcoin as a faster but more “fun” alternative to Bitcoin. Since then, it has built a growing community online.
It is widely believed that this surge in dogcoin is linked to the Coinbase IPO. The most popular U.S. virtual currency exchange went public on Wednesday, reaching a market cap of $100 billion at one point in the cryptocurrency’s landmark year.
The euphoria generated by the Coinbase IPO caused bitcoin and ethereum prices to soar. Bitcoin hit an all-time high of more than $64,000 on Thursday, while ethereum briefly topped $2,500 for the first time on Friday morning.
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