The price of Dogecoin rose more than 25% on Tuesday, raising the value of the cryptocurrency originally designed as a joke to almost 10 cents, as both the price and popularity of the cryptocurrency reach historic levels.


Major cryptocurrencies such as Bitcoin and Ethereum have also risen to record levels, with bitcoin surpassing $62.000 for the first time, on Tuesday morning.


Investors have been extremely optimistic lately about cryptocurrencies ahead of the long-awaited IPO for Coinbase cryptocurrency platform on Wednesday – although the vast majority of fund managers believe the high prices are the result of a fuss.


The use of cryptocurrencies as a method of payment has also gained much more acceptance in large companies such as Tesla and PayPal in recent times. Dogecoin, as one of the smallest cryptocurrencies, has undergone much greater volatility than the major ones such as Bitcoin and Ethereum respectively.


DOGE creators talked about an “online currency” that will allow users to transfer money easily and online. The currency was based on the open source of Litecoin, another major cryptocurrency. Unlike Bitcoin, Dogecoin has no limit on the number of coins that can be generated in the system.


Cryptocurrency with dog Simba Inu for mascot soon became popular on Twitter and Reddit platforms with users “fighting” to increase its price, many of them buying cryptocurrencies, while most just kept posting about it.


The “wolves” of Wall Street, however, despite their concern, smile meaningfully at the possibility that the cryptocurrency market will experience another bubble. When this happened at the end of 2017, Bitcoin could not “escape”; its price collapsed almost 90% and for a whole year it did not fully recover until last December.


A cryptocurrency “crash”, however, could see the hedge funds return to their old position, putting Bitcoin in the same bin as Dogecoin and other tokens, along with anything other than gold or US dollars, in a complete climate reversal.