Fast-rising cryptocurrency Dogecoin has hit an all-time high in price, prompting fans of the token to celebrate online.
At approximately 3 a.m. EST on April 14, the Elon Musk and Snoop Dogg-hyped Dogecoin was up more than 85 percent over the past 24 hours and 110 percent over the last week.
Once considered a jokey, meme-tastic cryptocurrency traded just for laughs, the total value of all Dogecoin in circulation is now estimated at a staggering $17.3 billion, according to Newsweek, which rounded up some of the memes by fans and investors after Dogecoin's surprise rise.
Dogecoin surge may be linked to news that Kronos, a Californian air purification technology firm, purchased 600 million Dogecoin Cash in a cryptocurrency swap.
Dogecoin Cash is not the same as Dogecoin, but the two cryptocurrencies are linked. Dogecoin Cash describes itself as a "community-driven project created by a group of passionate Dogecoin enthusiasts."
Kronos president Michael Rubinov said: "With the growing excitement around Dogecoin Cash, Kronos aggressively accepting Dogecoin as payment, and our popular limited edition air purifier rebranded as AirDOGE, we felt that swapping into Dogecoin Cash was a natural fit."
Meanwhile, Dogecoin is riding a wave of support for cryptocurrency, as trading platform Coinbase Global (COIN) made its stock market debut on the Nasdaq exchange this week.
During the cryptocurrency exchange’s IPO on Wednesday, Coinbase began trading at $381 a share, more than a 50 percent jump from the reference price of $250 per share established on Tuesday.
Coinbase rocketed as high as nearly $430 before closing at $328.28 apiece on the first day of trading, according to Yahoo Finance.
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