Dogecoin is the meme-inspired cryptocurrency, created in 2013 by two software engineers as a joke coin to parody Bitcoin. It began trading at $0.0005 apiece with a cap of 100 billion mineable coins, but quickly gained popularity and had become the 25th largest cryptocurrency by April 2019.
This year its dollar value has increased dramatically, with internet hype and celebrity endorsements, including frequent mentions from Tesla CEO Elon Musk.
His appearance on Saturday Night Live last weekend set off a 40% slump in the cryptocurrency after he joked that Dogecoin is a “hustle” although it has since rebounded and is still up by more than 1,000% since the start of 2021.
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