DogeCoin just hit 25 cents: Why that has the internet excited – CNET [CNET]

In early January, each token was worth less than one cent. In late January, when both the GameStop and DogeCoin movements hit their stride, the value of DogeCoin shot up to 7.5 cents, well over a 10-magnification, before sliding down to 2.5 cents. The coin has spent the past few months in the three- to seven-cent range. On Sunday, its price began to rise, from around six cents, before it smashed the 10-cent milestone. 

The surge from 10 cents to over 25 cents could be the result of Doge’s most high profile supporter, Elon Musk, tweeting out further support for the cryptocurrency. In that last 24 hours he put out the following tweet:

If you’re familiar with cryptocurrency at all, you know Bitcoin and maybe Ethereum. Those are the two biggest cryptocurrencies, but underneath them is an entire market of smaller ones called “altcoins” — or, sometimes, “shitcoins.” These are like the penny stocks of the cryptocurrency world. Many aim or claim to have utility, or improve facets of the Ethereum blockchain, upon which most altcoins are built. Others are “memecoins,” which rise and fall in popularity simply because they’re kind of funny. 

Created in 2013, DogeCoin was the first such memecoin. There are many others, and they’re preposterous. One simply called Meme launched last August at $1 and now trades at over $2,000.