Dogecoin Price Surge Sparks Wave of Memes as Investors Celebrate Spike

Dogecoin investors are celebrating the cryptocurrency's boost by sharing memes on social media, naturally.

The meme-inspired cryptocurrency's value has shot up by around 80 percent over the last 24 hours and was up by 85 percent at 3 a.m. on Friday. Dogecoin reached an all-time high of $0.298316 late on Thursday night.

Dogecoin emerged in 2013 as a joke when Jackson Palmer and Billy Markus transformed the doge meme into a cryptocurrency to satirize the growing popularity of altcoins, according to Coindesk.

Co-founder Billy Markus told Newsweek in March that dogecoin "was made in about three hours, with the bulk of that time customizing the look of the client. If I couldn't make it use the Comic Sans font, I wouldn't have released it!"

There is no upper cap on the potential supply of the dogecoin currency, unlike Bitcoin, for example, which has a cap of 21 million tokens available to be mined.

Now, those who took a chance on the meme currency are celebrating dogecoin's boost while hoping that it will eventually surpass bitcoin.

Twitter user @officialnazimm said: "The ultimate goal of #doge" and attached a meme of thousands of fish formed to create one huge fish, marked Doge, eating a shark, marked bitcoin.

Twitter user @late_lit said: "The fact that 27 cents is a dip now? Insane!" and attached a photo of Thanos saying: "This... does put a smile on my face."

@Dogecoinstock on Twitter said "A picture worth a thousand words #doge" and shared a photo of a Shiba Inu's face in a dust storm sweeping over a city, with the caption Dogeday 4/20.

Twitter user @itsALLrisky said: "We're coming #Dogecoin #DogecoinToTheMoon" and shared the man with knife meme, depicting dogecoin as the man with a knife and the global financial establishment as the victim.

DogeMemeGuild said: "The entire #dogecoin community right now!" and attached a GIF of Chris Gethard as Eddie Broser in the TV show Space Force, alluding to the joke that dogecoin investors hope their investments shoot "to the moon."

Previously, dogecoin has seen surges in price following the support of influential figures and celebrities such as SpaceX and Tesla CEO Elon Musk.

This time around, the Dogecoin surge could be linked to news that Kronos, a Californian air purification technology firm, purchased 600 million Dogecoin Cash in a cryptocurrency swap.

While Dogecoin Cash is not the same as dogecoin, the two cryptocurrencies are linked. Dogecoin Cash describes itself as a "community-driven project created by a group of passionate Dogecoin enthusiasts."

The dogecoin surge also comes amid a boom in support for cryptocurrency generally, as trading platform Coinbase is set to make its stock market debut on the Nasdaq exchange on Wednesday.