Elon Musk’s meme cryptocurrency Dogecoin is on a rise

The cryptocurrency made popular by Tesla chief Elon Musk, has reached an all-time high after a 70.22 per cent in the last 24 hours, the highest ever surge it has seen.

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This take Dogecoin’s current value to $0.122680 or almost 12 cents. The market cap of Dogecoin, literally listed as a ‘memecoin’, is now over $14 billion.

The digital token was created in 2013 by software engineers Billy Markus and Jackson Palmer as a faster but “fun” alternative to Bitcoin.

It was started as a satire on the numerous fraud crypto coins that had sprung up at the time, and takes its name and logo from a Shiba Inu meme that was viral several years ago.

Unlike Bitcoins, whose maximum possible number is fixed at 21 million (a figure that is estimated to be reached by 2040), Dogecoin numbers do not have an upper limit, and there are already more than 100 billion in existence.