Serious money is flowing to the joke cryptocurrency Dogecoin.

SourceThe New York Times
SectorFinancial Markets
CountryMiddle east

Bitcoin Skyrockets After Tesla Says It Bought $1.5 Billion Worth: Live UpdatesSerious money is flowing to the joke cryptocurrency Dogecoin.Feb. 8, 2021, 10:13 a.m. ETFeb. 8, 2021, 10:13 a.m.

ETBy Ephrat LivniAmid the so-called meme stock frenzy, it is perhaps fitting that a cryptocurrency based on a meme has been swept up in the mania.Dogecoin, a digital currency created as a joke, is now the world’s 10th largest cryptocurrency, according to CoinMarketCap. Its price is up by more than 1,600 percent so far this year, pushed in recent days by celebrity cheerleading from the likes of Tesla’s Elon Musk, the rapper Snoop Dogg and the rocker Gene Simmons of Kiss, who all promoted Dogecoin on social media.Year-to-date 2021 performance of Dogecoin price As of 10 a.m. Eastern on Feb. 8, 2021Source: CoinDeskThe New York TimesDogecoin is called the “fun and friendly internet currency” by its creators. The token was created in 2013 as meme-based satire about the proliferation of dubious crypto coins at the time. The “Doge” internet meme, featuring a perpetually surprised Shiba Inu dog, was gaining viral fame at the time.Dogecoin holders often use the tokens to give each other small tips in more...