Dogecoin increased in value of a staggering 6,000 per cent since the beginning of the year and doubled in value in the space of one week.
Just like other cryptocurrencies “Doge” meme is often visualized as a gold coin with a Dog
Unlike Bitcoin that has a finite amount of coins on the blockchain, Dogecoin mines new coins every year.
At the moment there are approximately 129 billion Dogecoins with over 5 billion new coins to be created each year.
Elon Musk latest tweet about the coin on Thursdays sent investor rushing to buy the coin which was worth $0.40 with a market cap of over $52 billion.
Over the weekend, Dogecoin which soared more than 400% at one point, dropped as low as 24 cents.
The recent spike by dogecoin, which started as a joke based on the 2013 “Doge” meme, in particular, has fueled concerns of a bubble in the cryptocurrency market.
