Serious money is flowing for joke cryptocurrency Dogecoin.

Amidst the so-called meme stock mania, it is perhaps fitting that a cryptocurrency based on a meme has drifted into a frenzy.

A digital currency created as a joke, Dogecoin is now the world’s 10th largest cryptocurrency, According to CoinMarketCap. This year it is priced at over 1,600 percent, which has been pushed in recent times by celebrity cheerleading from the likes of Tesla. Elon MuskThe rapper Snoop dog And spin gene Simmons Kiss, which promoted Dogecoin on all social media.

Dogcoin is called the “fun and friendly internet currency” Its creator. The token was created in 2013 as a meme-based satire about the proliferation of crypto coins suspected at the time. The “Doge” Internet Meme, Featuring an astonished Shiba Inu dog, was gaining viral fame at the time.

Dogcoin holders often use tokens in online forums to give small tips to each other or band together to take a reason without reason Sponsorship Jamaica’s two-man bobsleigh team at the 2014 Winter Olympics.

Speaking on the audio-sharing app Clubhouse last week, Mr Musk stated his enthusiastic support of Dogcoin – he came out of a self-imposed Twitter hetse to tweet about it – Was a multi-faceted joke in itself. “Dogecoin was created as a joke to make fun of cryptocurrency, but fate loves the irony,” he said. “The most ironic result would be that Dogcoin will become the currency of the Earth in the future.”

Whatever he thinks of Dogcoin, there is no doubt that Mr. Musk is serious about bitcoin. Tesla announced on Monday that it was Bought $ 1.5 billion in bitcoin And will explore accepting it as payment for their vehicles.

By midmorning on Monday, Dogcoin had risen by 30 percent, doubling profits in bitcoin.

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