Dogecoin Stock Now as Valuable as Kimberly-Clark, the Producer of Kleenex

The digital currency Dogecoin, which continues to see a meteoric rise in value, is now worth as much as Dow Inc. and the producer of Kleenex and Huggies after fans of the cryptocurrency set out to raise its value from roughly half of a cent to $1, the Associated Press reported.

"Doge Day," as determined by the currency's fans, has already increased by 39 cents, an 8,000 percent increase for the year so far. CoinDesk puts Dogecoin's overall value at about $50 billion, making it a peer of major institutions like Kimberly-Clark, the producer of Kleenex.

Dogecoin is the favored cryptocurrency of billionaire Tesla founder Elon Musk, who has called it the "people's crypto" on Twitter. Large companies like Newegg, an electronics retailer, are showing support as well and said it's celebrating #DogeDay and accepting Dogecoin for purchases through BitPay, a payment service provider.

Economists, however, said that the instability of Dogecoin and its rapid increase in value is destined to crash, and that buyers are setting themselves up for losses.

For more reporting from the Associated Press, see below.

Doge
SpaceX owner and Tesla CEO Elon Musk poses on the red carpet of the Axel Springer Award 2020 on December 1, 2020 in Berlin, Germany. Musk has helped to increase the popularity of the cryptocurrency Dogecoin, which he has called "the people's crypto." Britta Pedersen-Pool/Getty Images

Dogecoin, the digital currency advertised as the one "favored by Shiba Inus worldwide," is having its day.

Fans of the cryptocurrency have touted April 20, long an unofficial holiday for marijuana devotees, as "Doge Day."

Supporters of Dogecoin are trying to help it shed its image as a joke cryptocurrency and get seen as a way to make fast and easy transactions, though few retailers are accepting it so far.

It's also attracting buyers who want to get in on the next "meme" investment after watching the stock of GameStop soar more than 1,600% in January and make eye-popping profits for some smaller-pocketed investors who timed it right. Those buyers have even been using many of the same slogans as GameStop investors, promising to take its price "to the moon."

"The excitement and momentum around cryptocurrency are undeniable, and the recent surge in Dogecoin value underscores the need to make it easier for customers to make purchases with this popular cryptocurrency," said Andrew Choi, senior brand manager at Newegg.

Dogecoin's ascent is slowing a bit on Doge Day, though. After rising above 42 cents in the overnight hours, it pulled back as the morning progressed, and some buyers are coming into the market with trepidation.

"This is like a cross between a pyramid scheme and tulip mania," one user on Reddit, named hazardousmeme, said in a discussion about Dogecoin after another user asked if it's a safe investment. "Safe is the absolute last thing that this is."

"Let's hope this goes up!" another Reddit user, Enough-Construction5, wrote after saying they bought $500 worth of Dogecoin. "Better than putting it into a slot machine!"