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Do you know why DogeCoin is surging in price?

DogeCoin reached 69 cents on Wednesday, well above the 10 cents traders anticipated in January.

In spite of DogeCoin's credibility as a joke crypto coin, today's price increase is no laughing matter. The altcoin struck a record high of 69 cents on Wednesday morning.

In spite of the sudden increase in price, it's still another landmark in DogeCoin's magnificent year 2021. In January, when the coin was worth around a cent, Doge enthusiasts eagerly anticipated the coin reaching 10 cents in value.

Over the weekend, the price of DogeCoin started rising. Tesla CEO Elon Musk is one of DogeCoin's most prominent supporters, and his tweets promoting the cryptocurrency tend to trigger an increase in its value. Musk recently mentioned his appearance on May 8 on Saturday Night Live.

The memecoin was also noted on eToro and Gemini, leading to a remarkable expansion of its reach. ETORO alone has 20 million users, all of whom can now easily buy DogeCoin from its service.

Robinhood said cryptocurrency trading was problematic for the app due to a spike in DogeCoin activity.

The two greatest cryptocurrencies are Bitcoin and Ethereum, however under their hood is a whole host of smaller ones, sometimes called "shitcoins.".

Referred to as altcoins, this class of cryptocurrencies resemble cent stocks. Lots of aspire to be more than simply a trading property, or claim to deal with aspects of the Ethereum blockchain - which most altcoins operate on.

Another type is "memecoins," which tend to vary in appeal just because they're amusing.

It was DogeCoin that first began the memecoin pattern, but today there are many imposters. Meme, for instance, launched at $1 in August and currently trades at over $2,000.

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