Dogecoin (DOGE) continued its rapid ascension on Tuesd, as the coin price for the world’s most beloved meme coin crossed the $0.50 barrier for the first time.
On Tuesday, the value of Dogecoin climbed from $0.389421 to $0.541900 — a 39% increase — which marked a new all-time high for DOGE.
Buoyed by a listing on United Kingdom-based cryptocurrency exchange eToro and a pending television debut on Saturday Night Live, Dogecoin continues to confound observers who took the coin as its creator intended — i.e., a joke.
But Dogecoin is turning out to be one of the most profitable jokes in the cryptocurrency space, as evidenced by its miraculous surge since the start of the year.
On Jan. 1, Dogecoin was valued at less than one cent. Just over four months — and 10,922% growth later — the coin is now valued at just over half a dollar.
The rapidity of Dogecoin’s growth should perhaps be a sign of warning to would-be investors, given the coin’s 50% price drop as recently as mid-April. Similar volatility was observed in February, when one tweet from Elon Musk appeared to undo nearly 25% of Dogecoin’s growth in a matter of hours.