Dogecoin Down 26% Following Sharp Rise on Friday

​Dogecoin (DOGE), now the 5th largest cryptocurrency by market capitalization​, dropped by 26% on Saturday, after a record-high surge of more than 225% on Friday due to supports from celebrities like Elon Musk and Mark Cuban.

It is worth noting that since the beginning of 2021, Dogecoin has jumped by nearly 10,000%. Compared with the lowest point of $0.001158 on March 13, 2020, it has skyrocketed 40,500% within 13 months.

Dogecoin started as a joke. When it was created by Billy Markus and Jackson Palmer in 2013, , it was used to differentiate from bitcoin. Even its code was based off the script for litecoin. The website nods to its joke origins at the very top: Its Shiba Inu mascot is the first image on the page. On dogecoin.com, its mascot is captioned: "Dogecoin is an open source peer-to-peer digital currency, favored by Shiba Inus worldwide."

The surge on Friday can be largely attributed to Elon Mask’s tweet “Doge Barking at the moon” and a photo of a painting by Spanish artist Joan Miró titled "Dog Barking at the Moon."