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The price of DOGE has risen by more than 30% in the last 24 hours.
Dogecoin (DOGE) began its meteoric rise on Tuesday, when the coin price for the world’s most famous meme coin surpassed the $0.50 mark for the first time.
On Tuesday, the value of Dogecoin increased by 39%, from $0.389421 to $0.541900, setting a new all-time high for DOGE.
Dogecoin, boosted by a listing on the United Kingdom-based cryptocurrency exchange eToro and a pending television appearance on Saturday Night Live, continues to perplex analysts who took the coin for what its maker meant — a prank.
However, Dogecoin is proving to be one of the most lucrative jokes in the cryptocurrency room, as shown by its meteoric rise since the beginning of the year.
On January 1, Dogecoin was worth less than one penny. After just over four months and 10,922 percent rise, the coin is now worth just over half a dollar.
Given the coin’s 50% price decline as recently as mid-April, the rapid rise of Dogecoin could serve as a cautionary note to would-be buyers. Similar uncertainty was seen in February, when Elon Musk’s tweet threatened to reverse nearly 25% of Dogecoin’s rise in a matter of hours.