Dogecoin has reached a new high of 70 cents per coin, up 20% from its previous high.
The digital coin based on a Shiba Inu meme was last seen trading at just under 68 cents, up nearly 20% on the day. It reached 50 cents per share for the first time on Tuesday(April 4).
Tesla CEO Elon Musk is scheduled to appear on NBC's "Saturday Night Live" later this week, prompting this week's spike. Musk is a fan of Dogecoin, and the possibility of him speaking about it on national television could boost interest.
Dogecoin was created as a joke in 2013, when the cryptocurrency bubble was in its infancy and the market was flooded with small, primitive coins. Doge's success has resurfaced, aided by interest from billionaires such as Elon Musk and Mark Cuban, as well as easy access to the free-trading app Robinhood.
Based on a simple multiplication of price and generated coins, cryptocurrency firm Coinbase lists Dogecoin with a market cap of $87 billion. On paper, this is higher than Coinbase's publicly traded market value of $56 billion.
Coinbase's boom did not seem to be spreading to the larger cryptocurrencies. In early morning trade, bitcoin was up around 2%, while ether was down marginally.
