--- title: "Dogecoin Is Spiking and People Are Losing Their Minds" description: "Dogecoin is now worth $40 billion, CNBC reports, after values skyrocketed, adding $20 billion in value in just 24 hours." date: "2021-04-16" modified: "2021-04-16" authors: - name: "Victor Tangermann" job_title: "Senior Editor" link: "https://futurism.com/authors/victor" url: "https://futurism.com/dogecoin-is-spiking-and-people-are-losing-their-minds" categories: - "Blockchain" - "Cryptocurrency" - "Future Society" tags: - "cryptocurrencies" - "cryptocurrency" - "dogecoin" - "elon musk" --- # Dogecoin Is Spiking and People Are Losing Their Minds ![Dogecoin is now worth $40 billion, CNBC reports, after values skyrocketed, adding $20 billion in value in just 24 hours.]() *\Image: Futurism\* At first, it was meant to be a joke. But now the market capitalization of Dogecoin, a popular altcoin, has spiked to $40 billion, [*CNBC* reports](), after values skyrocketed and added $20 billion in value in just 24 hours. The shiba inu-emblazoned token was created as a "fun" alternative to Bitcoin back in 2013. But thanks to a massive surge in interest, led by communities on Reddit — and some prominent boosterism y Elon Musk — the cryptocurrency is starting to look a lot less like a mere joke. This morning, values of the token hit 32 cents, an all-time high. Just a week ago, the value was hovering around just [six cents](). The news comes after Musk, a longtime supporter of the coin, send the value of Dogecoin soaring in February after tweeting a silly picture of a shiba on the surface of the Moon. Musk has long joked that Dogecoin will "go to the Moon," a reference to its soaring value. The altcoin's recent surge meant those who invested early made bank. "Hey guys, I just became a Dogecoin millionaire," one Reddit user exclaimed in a [Thursday post](), with a screenshot showing a balance of $1,081,441.29 in their account. But the surge is also causing some worry among crypto experts. "People are buying the cryptocurrency, not because they think it has any meaningful value, but because they hope others will pile in, push the price up, and then they can sell off and make a quick buck," UK-based analyst David Kimberley told *CNBC*. Kimberley also noted that "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." But only time will tell when — or if — Dogecoin's bubble will pop. **READ MORE:** [Dogecoin spikes 400% in a week, stoking fears of a cryptocurrency bubble]() \[*CNBC*\] **More on Dogecoin:** *[Elon Musk Invites SEC Into Battle Over Dogecoin]()* ## Author I've been at Futurism since 2017, where my role has evolved to encompass design, writing, and increasingly editing. I've always been fascinated by space exploration and advanced transportation, which I've leaned into by interviewing luminaries in those fields while closely following the dimensions of policy and regulation that allow next-generation projects to succeed -- or, sometimes, to fail. I'm also keenly interested in the effects of generative AI on society, policies, and democratic institutions, as well as clean energy, physics and biology, and the vagaries of tech leadership. My work for Futurism has been cited by publications including Ars Technica, Gizmodo, PC Magazine, Jalopnik, Fox News, and the New York Post. I spent my childhood living in locations including Manila, the Philippines, and Geneva, Switzerland, attended McGill University, and now live in Toronto, Canada. Before Futurism I worked at AskMen and a small photography studio. In my free time, I'm an avid gardener, foodie, and craft beer lover, as well as a maker of artisanal hot pepper sauces. I have a magnificent dog named Freida. ### Author social links [Bluesky]()