On Tuesday, the price of the cryptocurrency that was originally designed as a joke, Dogecoin, hit an all-time high of 12 cents per coin. This is a spiked more than 25%.
Many cryptocurrencies rose to record numbers on Tuesday morning. Bitcoin, the most popular cryptocurrency, hit $63,000 for the first time ever.
On Wednesday, Coinbase is supposed to have its highly awaited IPO. Coinbase is a cryptocurrency trading company. Because of this news, investors have been exceptionally bullish on cryptocurrencies recently.
Using cryptocurrency as a means of payment has also recently gained much more recognition from major corporations, including Tesla and PayPal.
Dogecoin, as one of the smaller crypto tokens, has seen much greater instability than its more common rivals, such as bitcoin and ethereum.
Surprisingly, the creation of Dogecoin meant to be a joke and the crypto idea was centered on a dog meme.