The latest cryptocurrency star is a coin named after a meme of a Shiba Inu dog that was started as a joke.
Dogecoin’s price surged roughly 40% on Tuesday, according to data from Coin Metrics. The coin also reached a market cap of $69 billion, making it the fourth-largest cryptocurrency behind bitcoin, ethereum and binance coin.
The run is the latest leg of an epic tear that’s sent the value of the cryptocurrency up more than 600% in just a few weeks and more than 11,000% since the beginning of the year. The coin is currently worth about 55 cents, a record high.
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A few things have factored into the price action, including high-profile support and an internet following by retail investors aiming to push the price of the coin to $1.
At the end of April, Tesla CEO Elon Musk tweeted: “The Dogefather SNL May 8,” referencing both the coin and his upcoming appearance hosting “Saturday Night Live.” Musk has said that his tweets about dogecoin are meant to be jokes.
At the same time, Mark Cuban, owner of the Dallas Mavericks basketball team, made several posts in support of dogecoin.