Dogecoin Price Tracker, Update as Joke Cryptocurrency Continues to Climb

Dogecoin, the meme cryptocurrency, continues to rise following Tesla's announcement Monday that the electric car maker has invested $1.5 billion in Bitcoin, the world's first cryptocurrency, as well as recent tweets from Tesla CEO Elon Musk and other celebrities.

On Tuesday, Dogecoin (listed as DOGE on the cryptocurrency market) was priced at $0.077943 USD, with a 24-hour trading volume of $9,583,355,436 USD. Its latest price marked a 7.28 percent increase in the last 24 hours, at the time of reporting, according to CoinMarketCap, which looks at cryptocurrency values.

On Monday, Dogecoin was reported to have soared by as much as 31 percent Monday following tweets from Musk, rapper Snoop Dogg as well as the musicians Gene Simmons from Kiss and Kevin Jonas from Jonas Brothers this weekend.

Following the celebrity nods on Twitter, Dogecoin's value rose by a record high of over 55 percent on Sunday, according to Coindesk, which also monitors cryptocurrency prices.

Musk tweeted a YouTube video highlighting the recent rise of Dogecoin with the words: "Ð is for Ðogecoin! Instructional video."

The video was originally posted by YouTube user ZimoNitrome with a description noting: "To the moon! 2021 Dogecoin ALIVE!"

On Saturday, Snoop Dogg tweeted an image of a Shiba Inu, the dog breed that inspired Dogecoin's branding, superimposed on the cover of his R&G (Rhythm & Gangsta): The Masterpiece album. The tweet simply included Musk's Twitter handle "@elonmusk" as its caption.

Simmons tweeted an image of himself with the words "God Of Dogecoin," while Kevin Jonas tweeted: "All I'm saying...$doge."

On Sunday, Musk also tweeted a cartoon depiction inspired by The Lion King film series, with Musk holding Simmons and Snoop Dogg up in the air, while the rapper held a Simba character bearing the face of a Shiba Inu dog towards the sky.

The value of Dogecoin, which launched in 2013, has risen by over 1,600 percent so far this year, The New York Times reported.

As of Tuesday, Dogecoin is the 10th largest cryptocurrency by market cap value, which measures "the total market value of a cryptocurrency's circulating supply," according to CoinMarketCap.

Dogecoin's resurgence was first sparked by the recent spike in GameStop share prices, which was driven by investments from users on the subreddit r/WallStreetBets.

Its price surge also came after the stock trading app Robinhood restricted its users from GameStop stocks.

Dogecoin's rise was fueled by members of the subreddit r/SatoshiStreetBets—which describes itself as "the crypto version of WallStreetBets." Inspired by the GameStop buying frenzy, its members wanted to attempt to do the same for Dogecoin.

Members of r/SatoshiStreetBets as well as another subreddit r/dogecoin have previously said they hope to force Dogecoin's price to reach at least $1 per coin.