Bizarre teaser for Bitcoin parody Dogecoin
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Dogecoin coin may have begun life as an online joke eight years ago, but the virtual asset is pulling in some serious money for its owners. DOGE has been experiencing unprecedented levels of interest this year, thanks in no small part to tech mogul Elon Musk frequently tweeting about the crypto token. Only last week DOGE was swapping hands for as little as £0.045249 ($0.062346), according to Coindesk data.
Dogecoin: Expert discusses Elon Musk's tweets
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Now, at 9.21am on April 16, DOGE is trading for £0.185869 ($0.255082) and is up 88 percent on the last 24 hours.
To further put this meteoric rise into perspective, the token was trading for a mere £0.0014 ($0.0019) just a year ago.
And dogecoin is not the only crypto hitting record-highs this week.
Flagship tokens bitcoin and ethereum have been on an upward trend, with the former hitting a record-breaking £46,000 ($63,000) on Thursday.
READ MORE: Dogecoin price skyrockets to all-time high as Elon Musk drives frenzy
© GETTYDogecoin price: Single dogecoin token
© COINDESKDogecoin price chart from Coindesk
Punters have attributed these movements to America's biggest crypto exchange, Coinbase, being listed on the Nasdaq index.
Pankaj Balani, CEO of Delta Exchange, said: "Coinbase opened just under the $100billion valuation mark but it failed to sustain the initial gains and closed about 15 percent lower from the open price.
"There have been some concerns around the valuation of the company, given the volatility in its earnings, but that does not take away from the fact that it has the largest market share amongst regulated centralized exchanges, in the US, and its business is close to a monopoly, at this point.
"The next few sessions of trading will decide how new investors are looking at the stock and the sector.
"Crypto investors are also keenly tracking COIN price as it becomes a proxy for traditional investors' interest in the crypto space."
What is the value of dogecoin?
Dogecoin's market capitalization spectacularly doubled overnight.
Yesterday (April 14), the token was valued at £12.25billion ($16.84billion).
Today, DOGE's market cap stands at an astounding £24.04billion ($32.99billion)
With dogecoin's prices spiking, the virtual token has experienced annual yields of about 5,000 percent.
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© COINDESKDogecoin price: Coindesk price chart for DOGE
© GETTYDogecoin price: Hand holding a DOGE token
However, some experts worry the markets are due a correction somewhere down the line.
David Kimberley, an analyst at Freetrade, told Express.co.uk DOGE's surging price could be a sign of traders pumping the price before a massive sell-off.
He said: "When everyone is doing this, the bubble eventually has to burst and you're going to be left short-changed if you don't get out in time. And it's almost impossible to say when that's going to happen."
The crypto market is a very volatile space that often sees great highs and great lows.
Investing in tokens like DOGE or bitcoin is not guaranteed to make you any money.
If you chose to buy into cryptocurrencies, you should never invest more money than you are prepared to lose.
According to The Financial Conduct Authority (FCA), crypts are an all-high risk and speculative investment.
The FCA said earlier this year: "If you invest in cryptoassets, you should be prepared to lose all your money."