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Dogecoin just surged again in price. Here’s why

The price of Dogecoin surged again after recent tweets from Elon Musk and Mark Cuban

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The logo for the cryptocurrency of Dogecoin.

This mobile phone app screen shot shows the logo for Dogecoin in New York, Tuesday, April 20, 2021. Dogecoin surged again after recent tweets from Elon Musk and Mark Cuban.

Richard Drew, Associated Press

Dogecoin jumped pretty high in value Wednesday after celebrities tweeted about the meme-based cryptocurrency, CNBC reports.

Recent Dogecoin spike

Dogecoin— a form of cryptocurrency that has been going viral on social media over the last few weeks — jumped 20%, reaching a value of $0.32 per coin, according to CNBC.

  • That’s slightly below the cryptocurrency’s record of $0.45, which it hit earlier in the month.

The Dogecoin cryptocurrency originally started as a joke, using the Shiba Inu dog as a picture. Seriously — this is a meme that is now worth actual money.

  • Dogecoin was valued at $0.0023 in June 2020. So it has spiked significantly in less than one year.

Why did Dogecoin rise in value?

There were two recent tweets that encouraged Dogecoin to spike.

Not long after Cuban’s tweet, Robinhood CEO Vlad Tenev said the Robinhood app — where you can buy and trade cryptocurrency — would make it easier for people to withdraw their Dogecoin holdings, as I explained for the Deseret News.

Of course, making money may never have been the point of Dogecoin, per Benzinga.

  • “An investment in Dogecoin is not about making money (although it may happen accidentally) it’s about being a part of something bigger,” according to Benzinga.