Is Guy Fieri to blame for Dogecoin’s latest record high?

Chris Morris
·2 min read

Doge Day fizzled, but the drive to take Dogecoin to the $1 mark is alive and well—and looking a lot more attainable all of a sudden.

Dogecoin exploded in early trading Tuesday, hitting all-time highs of 61 cents, a 49% increase over the past 24 hours. That bests the previous all-time high by six cents, a small amount for most cryptos, but a giant leap for the currency that no one was meant to take seriously

Exactly what’s driving today’s stampede is unclear. The run-up could be tied to Elon Musk’s upcoming hosting stint on Saturday Night Live, where it’s a safe bet the cryptocurrency will at least get a name check.

Just as likely? More celebrities are joining the bandwagon. The latest is celebrity chef (and meme himself) Guy Fieri, who used the magic words “To the Moon” in a tweet on Monday evening.

https://twitter.com/GuyFieri/status/1389342961096396803

The surge could also come from the increased number of places accepting the crypto. Just yesterday, the Oakland A’s began selling seats for Dogecoin.

https://twitter.com/Athletics/status/1389260734329094144

While Dogecoin was created for a laugh, it has somehow become a powerful monetary force. With a market cap now nearing $79 billion, it’s the fourth-most-valuable cryptocurrency around, behind Bitcoin, Ethereum, and Binance Coin. If it hits the $1 mark, it will easily take the third-place ranking.

At present, Dogecoin’s market value exceeds that of [hotlink]Nintendo[/hotlink], FedEx, Twitter, or Ford. In fact, its market value is higher than the combined value of [hotlink]Southwest Airlines[/hotlink] and [hotlink]Hilton[/hotlink]. 

Dogecoin has had a value of half a cent for most of its seven-year history. Ten thousand new Dogecoins are programmed to be issued every minute for the rest of eternity, meaning the value will never hold. It’s a cryptocurrency that’s meant to always get cheaper. Even the creator of the coin has said he’s baffled by its rise

Year to date, Dogecoin is up a staggering 11,440%. 

This story was originally featured on Fortune.com