May 8, 2021

Why is dogecoin’s price spiking? The crypto has surged 11,000% in 2021


Every dog has its day…but a whole year?

Indeed, dogecoin, the meme crypto linked to an image of a Shiba Inu dog, has been enjoying one of the best years for cryptocurrency in recent memory, boasting year-to-date gains of more than 11,000% and putting it in the top 10 of the most-highly valued digital assets this year.

At last check, dogecoin
DOGEUSD,
-1.93%
was changing hands at 57 cents, up more than 40% on the day and up around 11,210% so far in 2021, according to CoinDesk.

That parabolic rise is drawing both applause and apprehension as its supporters aim to drive the parody coin to a value near $1, with critics warning that the asset bears all the hallmarks of an asset bubble that is bound to pop and leave carnage in its wake.

Only, don’t tell that to those cheerleading the crypto or risk being met with this common refrain: “enjoy being poor.”

So why is dogecoin, pronounced “dōj-coin,” on such…

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