Dogecoin prices surged on Friday to bring the total value up by $19.9 billion in the last 24 hours, according to CNBC.
- Dogecoin reached an all-time high above 28 cents Friday morning, more than double the price from a day ago. It first hit 10 cents a coin on Wednesday.
- The digital coin has risen by 300% in the last seven days at a valuation of $34 billion.
- Dogecoin was created as a joke by software engineers Billy markus and Jackson Palmer in 2013, but has since grown into a top-10 digital currency.
- The surge in Dogecoin’s prices has led to worries of a potential bubble in the cryptocurrency market, as some investors already view Bitcoin as a speculative bubble.
- An analyst said people are buying Dogecoin not because of its value but because they hope that others will pile in cash and push up prices higher to make a quick buck.