Dogecoin surges to record high, up almost 300% in a week

The

Dogecoin

cryptocurrency surged more than 90% to a record high on Friday, putting its gain for the week at almost 300%.


The latest rally in Dogecoin came two days after billionaire Elon Musk tweeted, "Doge Barking at the Moon", accompanied by an image of Spanish artist Joan Miró's painting, "Dog Barking at the

Moon

."

The Tesla chief executive has previously tweeted about Dogecoin, which is based on a popular internet meme. On Feb. 4, Dogecoin surged over 60% after

Musk

tweeted about it.

It last traded at about 34

cents

after reaching as high as 45 cents, according to data on blockchain and cryptocurrency website

Coindesk

. So far in 2021, Dogecoin has surged over 7,000.

Dogecoin was created largely as a satirical critique of the 2013 crypto frenzy, and it can be bought and sold on digital currency exchanges.