Dogecoin spikes 300% this week, making some Reddit users overnight Dogecoin millionaires

We wrote about Dogecoin back in February after Elon Musk’s tweet sent the cryptocurrency that was created based on the “Doge”soaring another 53% to over $10 billion market cap. A few days earlier, Dogecoin surged by as much as 800% as Reddit board SatoshiStreetBets piled on the cryptocurrency.

Dogecoin started as a joke in December 2013 based on the popular “doge” meme represented by a Shiba Inu dog as its logo, literally taken from the “Doge” meme. Back In January, Dogecoin was trading at just 2.5 cents.

Fast forward two months later, Dogecoin is back in the news again. This week, Dogecoin spikes by as much as 300% making some retail investors (individuals) overnight “Dogecoin millionaires.’  This morning, a Reddit user posted a picture of their dogecoin holdings on the Robinhood investing app.

“Hey guys I just became a Dogecoin millionaire,” the user said, showing a balance of $1,081,441.29 in their account.

As of writing, Dogecoin now has a total market value of $34 billion. It reaches an all-time high above 28 cents Friday morning, according to crypto market data site CoinGecko.

The story of Dogecoin is an interesting one. It all started in December 2013, when bitcoin was still in its nascent phase and few had any illusions that it would ever hit $1000 let alone $40,000.   Dogecoin (DOGE) was created as a fork from Litecoin’s code. It was based on the popular “doge” meme at the time. It was initially started as a joke represented by a Shiba Inu dog as its logo, literally taken from the “Doge” meme. Now Dogecoin has since found a community of its own.

The rise in Dogecoin is partly due to support from popular figures like Elon Musk. Yesterday, Musk, a staunch supporter of Dogecoin, tweeted saying “Doge Barking at the Moon,” likely in reference to the popular crypto slang phrase “to the moon.”

Doge Barking at the Moon pic.twitter.com/QFB81D7zOL

— Elon Musk (@elonmusk) April 15, 2021