Dogecoin’s total value of each coin has jumped over $84 billion, equivalent to Sri Lanka's annual economic output. So anyone who thinks Dogecoin as a joke; there are now billion reasons that say, it’s not. This meme-inspired token is nearly up to 30% on Tuesday (4 May, 21), 40% on Wednesday (5 May, 21) and over 11,000% this year.

Despite the circumstance of the Covid-19, which has triggered the worst global recession in the 21st century, yet this internet meme dog has attracted more attention in the eyes of potential investors, with a record rise in its value occurred in recent weeks.

Even though, this digital coin started as a joke way back in 2013, but with time, Dogecoin has gained a considerable increase in its token’s value from the support of its followers, moreover, the value has been further fueled from the celebrity endorsements such as from Elon Musk, Mark Cuban, Snoop Dogg and Kiss bassist Gene Simmons.  

As seen, Dogecoin's significant rise began in February, and one analyst indicates that, Elon Musk tweet is responsible for the current turning point for Dogecoin. Musk posted a picture of Doge on the moon, placing a flag with the digital currency logo and captioning it with one word: "literally". The tweet raised the digital asset’s value by more than 20% on that day. The phrase "to the moon" is used online to talk about investing, indicating the direction of movement of a financial asset.

Edward Moya, a chief market analyst at Oanda, wrote: "Dogecoin is on the rise because many cryptocurrency traders don't want to miss out any buzz arising from Elon Musk's tweet on hosting the Saturday Night Live (8 May 21)".