The price of dogecoin spiked more than 25% on Tuesday, shooting the value of the cryptocurrency originally designed as a joke to nearly 10 cents per coin as both the price and popularity of crypto reach historic levels.
At 2 p.m. Tuesday, dogecoin was trading at around 9 cents per coin—just below a record high of over 9.5 cents just before 1 p.m.
At its highest point, the price was up more than 25% from the start of the day, mainly driven by a massive midday surge.
The price surge comes amid a significant increase in volume, with CoinMarketCap reporting a 56% rise in volume over the past 24 hours.
Major cryptocurrencies like bitcoin and ethereum have also soared to record levels, with bitcoin topping $63,000 for the first time ever on Tuesday morning. Retail investors have been extremely bullish lately when it comes to crypto, ahead of the highly anticipated IPO for cryptocurrency exchange platform Coinbase on Wednesday—even though the vast majority of fund managers believe the high prices are the result of a bubble. Using crypto as a form of payment has also gained much more acceptance among large companies lately, including the likes of Tesla and PayPal. Dogecoin, as one of the smaller crypto tokens, has been subject to much greater volatility than its more mainstream counterparts like bitcoin and ethereum. Some of the biggest spikes ever for dogecoin came immediately after it was mentioned by Elon Musk on Twitter, for example.
Dogecoin’s creators intended for their crypto concept to be a joke, based off of a dog meme. But the crypto has become immensely popular, especially among Redditors largely credited with surging GameStop’s stock earlier this year.