Dogecoin, the cryptocurrency started as a joke, has doubled in value in the past day to 56p per coin after another surge. It comes after plans to send it $1 (72p) for “Doge Day” last month fell flat.
The virtual coin had surged following supportive tweets from Elon Musk, Tesla chief executive, and a push by internet forum users to bid up its price, reaching a high of 32p in April after a 450pc seven-day rise.
On Tuesday it hit 56p, a rise of 111pc in a week.
Since the turn of the year, Dogecoin is up by more than 22,000pc and the value of all the Dogecoin in circulation is now around £38bn.
It became the focus of Reddit users in early February, when they turned their attention to cryptocurrency after driving a stratospheric rise in the shares of American video games retailer GameStop which has since dramatically unwound.
But what exactly is Dogecoin? And how can investors get hold of some?
What is it?
Dogecoin is a cryptocurrency, like Bitcoin,...read more...