Initially started as a parody cryptocurrency of the viral Shiba Inu dog which swept the internet, Dogecoin has found a number of fans in recent months - including Tesla CEO and SpaceX founder, Elon Musk. As one of the world’s richest men with a Twitter following of 51 million, Musk has sparked an online frenzy with a number of tweets referencing Dogecoin in recent months.
How high will DOGE rise?
Tweeting under the hashtag #dogearmy, social media users have erupted in recent days as the cryptocurrency has surged.
According to CoinDesk, as of 4.30pm (GMT), Dogecoin was valued at $0.391195, a rise of 196.72 percent in 24 hours.
In GBP, Dogecoin was valued at £0.282875, a rise of 191.93 percent in 24 hours.
Dogecoin also stood with a market cap of $50.49 billion, or £36.51 billion.
READ MORE: Dogecoin price prediction: Will DOGE hit $1 this year?
Today’s surge prompted an outpouring of elation from investors in the cryptocurrency on Twitter.
One user said: “Dogecoin multimillionaires have been created! What a wonderful wonderful day!”
Dogecoin fans in their droves have also tweeted about getting Dogecoin to $1, however, whether this will be the case remains to be seen.
Although Dogecoin has boosted in recent days, it is not known whether the cryptocurrency will continue to rise in the near future or in 2025.
Investing site Prime XBT states in relation to Dogecoin price predictions for 2024 – 2025: “The cryptocurrency market is cyclical, and goes through bull and bear markets of varying degrees.
“After another bear phase, the cryptocurrency market, including Dogecoin will be ready for another breakout in 2024 and into 2025 – coinciding with Bitcoin’s halving theory.
“By that time, there should be more clear choices for winners in the crypto arms race, and either Dogecoin falls out of favour or starts to approach the promised land of nearly $1 per coin.”
Despite the surge in recent days, experts have warned the rise in value won’t last.
David Kimberley, an analyst at Freetrade, told Express.co.uk: "People are buying the cryptocurrency, not because they think it has any meaningful value, but because they hope others will pile in, push the price up and then they can sell off and make a quick buck.
"But when everyone is doing this, the bubble eventually has to burst and you’re going to be left short-changed if you don’t get out in time.”
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Following Musk’s tweets, fans of the cryptocurrency have also flooded social media with messages in support of putting Dogecoin on the moon.
One person tweeted: “The sky is the limit! #doge #dogearmy #dogecoin they can't stop this rocket from reaching the moon!”
Another person tweeted to Elon Musk: “Hi Elon, are you accepting #dogecoin for future travel around the moon? #DogecoinToTheMoon”
While a third person said: “Going to be millionaires soon @elonmusk dogecoin going to the moon”.
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