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.
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.
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