The cryptocurrency token, which had once been started as a joke, is now rallying upwards in value. This year, most crypto assets are demonstrating promising results as the cryptocurrency market capitalization has hit $1 trillion, thereby garnering positive attention from the masses and ultimately gaining access to the mainstream market. Dogecoin’s value has also been soaring higher from the beginning of this year ever since Elon Musk, and other celebrities have begun backing Dogecoin. Finally, Doge gained 68% on Thursday, thereby increasing its value immensely. Recently, it touched a new milestone when its value crossed over 25 cents. Therefore, it has pushed the market cap of Dogecoin over $32 billion.

In January, Dogecoin tokens were less than 1 cent in value, but its value started surging upwards to 7.5 cents and then to 10 cents. Space X CEO Elon Musk’s tweets proved to be a game-changer for Doge’s fate. The journey from 10 cents to 25 cents thus became possible. On April 15, 2021, Musk again posted a cryptic tweet, “Doge Barking at the Moon,” which further created a stir in the market. Business magnate and industrialist Elon Musk shared an image of a 1926 artwork called ‘Dog Barking At The Moon.’ Elon Musk had been tweeting in Doge’s favor for quite some time now and even declared in a tweet earlier that he has purchased Dogecoin tokens for his newborn baby. Earlier, he also referred to Dogecoin as the crypto token for people. Besides Elon Musk, Hollywood celebrity Snoop Dogg also has displayed support for Dogecoin.

According to Benzinga’s report published earlier this week, Dogecoin shows the likeness of being the next Bitcoin. This is because Dogecoin took a significant leap of 1900% at the beginning of this year which is analogous or rather more massive compared to Bitcoins surge by 117.47 % during the same time.