To put the token's meteoric rise into perspective, two years ago, DOGE was trading for £0.0011 ($0.0015) per token.
Tom Stelzer, a cryptocurrency specialist at the personal finance comparison site, finder.com, said: "Dogecoin owes much of its recent popularity to Elon Musk, who has extensively tweeted about it throughout 2021.
"As a lighthearted memecoin, dogecoin has arguably caught on as a way for new investors to dip their toes in the world of crypto investing.
"This has coincided with a new surge in younger retail investors to both stocks and cryptocurrencies, as things like the GME squeeze made international news.
"In fact, Finder's research suggests around 40 percent of those aged between 18 and 34 have now bought at least one cryptocurrency before, with another 21 percent planning to do so in the future."
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