Dogecoin soars as fans celebrate ‘Doge Day’

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Dogecoin's valuation temporarily surged to $54.95 billion Tuesday after cryptocurrency enthusiasts and even major brands drummed up commotion around what's been dubbed "DogeDay." 

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The buzz, in part, pushed the value of a single dogecoin to 42 cents early morning, nearing its all-time high of 45 cents, according to data from CoinDesk. 

Its market cap is hovering around $44.7 billion. 

Memes based on the April 20 unofficial holiday were posted all over Twitter on Tuesday alongside the hashtags #Dogeday and #Dogeday420. Major brands including Snickers and Milky Way, both owned by Mars, Inc., tweeted about the day. 

Reddit users also chimed in about the cryptocurrency as it gains even more popularity.

"Is everyone ready for Dogeday?" one Reddit thread said. 

Within the thread, a user commented: "Don't forget to buy your Dogecoin while it's low! Buy and hold. Don't panic sell. Together, we can get Dogecoin to the moon!." 

Likewise, one Twitter user wrote: "#DogeDay420 Is Starting Off Good. Today Let’s Go To The Moon #DogecoinRise." 

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In 2013, Dogecoin was created by software engineers Jackson Palmer and Billy Markus as a joke to "satirize the growth of altcoins by making the doge internet meme into a cryptocurrency," according to CoinDesk. 

However, the cryptocurrency based on the popular "doge" internet meme featuring the Japanese Shiba Inu dog, has since gained widespread attention in recent months thanks in part to high-profile celebrities and business leaders drawing attention to it on Twitter. 

DOGECOIN: WHAT'S BEHIND THE SURGE? 

Tesla CEO Elon Musk has tweeted multiple times about Dogecoin and even claimed in 2019 that it might be his favorite cryptocurrency.

As of last week, the cryptocurrency surged more than 500% according to Friday data from CoinMarketCap.com.  

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