Dogecoin — a cryptocurrency that uses the Shiba Inu dog for its logo — recently surpassed 10 cents in value for the first time in its history, which is a huge markup from its value of $0.0023 cents back in summer 2020.
Per CNN, the cryptocurrency — which was really began as a meme and has existed for close to seven years now — is currently trading for $0.13 cents.
- The currency has seen a jump of 2,000% in value since the beginning of 2021.
Don’t think $0.13 is a lot? Consider this: Let’s say you bought 1,000 dogecoin last summer when it cost $0.0023 per coin. That would cost $2.30. Those coins would be worth $130. So, yeah, that’s a big jump.
Dogecoin recently saw a spike along with bitcoin and ethereum, which are both forms of cryptocurrency, because Coinbase — an app that allows you to buy and sell cryptocurrency — announced it is going public, according to CNN.
Why Dogecoin has spiked recently
As the Deseret News reported, a recent trend on the social media app TikTok made dogecoin spike in value. The viral TikTok videos encouraged people to buy dogecoin since it was worth so little. But once enough people invest in Dogecoin, then the value will spike.
TikTok user James Galante originally explained the idea, saying: “Dogecoin is practically worthless. There are 800 million TikTok users. Once it hits $1, you’ll have $10,000. Tell everyone you know!”
At the time, the coin’s value spiked to over $878 million total value, which was a 683% increase from the previous year, according to Market Insider.
- On July 6, 2020, a single dogecoin was worth $0.0023. It was worth $0.0042 a share one month later after the videos began hitting the internet.
Tesla CEO Elon Mask has also constantly tweeted about Dogecoin, too, which drew attention to the cryptocurrency.