Dogecoin’s record-breaking rise shoots ‘joke’ cryptocurrency to wider attention

Dogecoin’s record-breaking rise shoots ‘joke’ cryptocurrency to wider attention

It is perhaps the ultimate symbol of late capitalism: a digital currency that started as a joke, now worth more than the Ford motor company, BP or Tesco.

Riding a wave of speculative interest despite Covid-19 triggering the worst global recession since the 1930s Great Depression, Dogecoin has been a huge hit with amateur investors. It is a cryptocurrency based on an internet meme – a humorous online phrase or photo, which on this occasion is a dog – and has shot to wider attention with a record-breaking rise in value in recent weeks.

Backed by famous supporters including the Tesla founder, Elon Musk, the rapper Snoop Dogg and the Kiss bassist Gene Simmons, the digital asset similar to bitcoin jumped by more than 40% on Wednesday to reach $0.68 (£0.49) against the dollar, according to CoinMarketCap.