Dogecoin was actually intended as a meme. The cryptocurrency with the symbol of the Shiba Inu was created without a fixed limited money supply. By definition, there is an infinite amount of DOGE, which runs counter to the idea that cryptocurrencies are valuable because of their little money supply.
Dogecoin enjoys a small rally every year, which is usually accompanied by more or less hype on social media. In the recent past, the price was boosted by Elon Musk’s tweets, who did not want to give any financial advice but nevertheless revealed himself as a fan.
In the last few hours, the DOGE price literally exploded, and now many experts are perplexed by the renewed phenomenon.