At $50bn market cap, every Doge has its day

Dogecoin prices hit an all-time on Tuesday, with a market capitalisation above $50 billion, after social media fans used hashtags to fuel a rally in the meme-based cryptocurrency.

An 8,000 per cent price surge this year has seen Dogecoin, which was launched as a satirical critique of 2013’s cryptocurrency frenzy, overtake more widely-used cryptocurrencies like Tether to become the fifth-largest coin.

While Dogecoin, whose logo features a Shiba Inu dog at the centre of the meme, a represents only a fraction of bitcoin’s $1 trillion value, it can be traded on crypto exchanges and more popular mainstream trading apps.