All dogecoin in circulation has reached a value of $53 billion after fans declared April 20 Doge Day on social media, prompting a 20% spike in the price of the meme cryptocurrency.
The price of Doge briefly jumped to 45 cents a coin, but is now sitting at 38 cents after the initial rally.
Coindesk data showed a spike in purchases for Doge after users on Reddit and Twitter posted memes of the Dogecoin logo, with hashtags #DogeDay and #Doge420.
The spike in Dogecoin can somewhat be linked to unofficial cannabis holiday 420, which is celebrated on April 20 every year.
Elon Musk has also played a hand in the meteoric rise of Doge, tweeting “Doge Barking at the moon” last week, also sharing art by Joan Miro titled “Doge Barking at the Moon.”
Cryptomarkets have slumped in recent days despite Dogecoin’s success, with Ethereum and Bitcoin falling from record highs achieved last week.
Some investors have called this a “Coinbase hangover”, citing a buying frenzy following the IPO of the massive crypto trading platform.
Doge was created in 2013 as a joke, and has very few real world applications outside of tipping artists online.
Doge has 129 billion coins, with more that can be mined available each year. For comparison, Bitcoin has a set limit of 21 million bitcoin.