Dogecoin Pumps 225%, Becomes 5th Largest Crypto by Market Cap

Dogecoin, the joke cryptocurrency, has reportedly jumped more than 225% over 24 hours on Friday to become the fifth-largest cryptocurrency​ by market capitalization. In 2021, Dogecoin has soared more than 5,000% to reach its highest level of $0.45.

Back in late January, SatoshiStreetBets, a Reddit group, expressed optimistic views about Dogecoin, which resulted in a significant gain in the value of Doge in the following 24 hours. The price of the joke cryptocurrency has generally continued its upward moves since then.

As opposed to Dogecoin, the largest cryptocurrency, Bitcoin dropped by about 4% to $60,712 in the same time period following Turkish central bank's announcement of a ban on cryptocurrency payments.

Dogecoin was created in 2013 as an open source peer-to-peer digital currency, favored by Shiba Inus worldwide. Early this week, the meme crypto that started as a joke just crossed its 10 cents mark​, as Fazzaco reported on Wednesday.