Not a joke anymore: Dogecoin surges above 30 cents

Dogecoin
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Dogecoin, the cryptocurrency created as a spoof, is turning out to be increasingly valuable.

The price of Dogecoin jumped above 30 cents as of Friday, according to the digital currency exchange Coinbase. That's more than double its value Wednesday, when Dogecoin (pronounced "doh-j") hit 13 cents.

The "memecoin" was created in 2013 as a joke poking fun at the surge in digital coins such as bitcoin, says cryptocurrency news site Coindesk. Dogecoin was inspired by the popular Doge meme, which stars the image of a Shiba Inu staring sideways at the camera with raised eyebrows, according to the website Know Your Meme.

Interest in cryptocurrency has surged in the past week as Coinbase started publicly trading on the Nasdaq exchange on Wednesday, ending its first day with a share price of $328.28 and a market value of $85.78 billion.

Meanwhile, fans of Dogecoin including Tesla CEO Elon Musk continue to celebrate its ascent.


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