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- Dogecoin surged on Wednesday, extending its two-day gain to as much as 94%.
- The move higher in Dogecoin increased its total market value to as much as $18 billion.
- The Dogecoin surge came amid a broader cryptocurrency rally as Coinbase prepares to go public.
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A broad rally in cryptocurrencies on Wednesday helped extend Dogecoin's two-day gains to as much as 94%, according to pricing data from Coinbase.
The surge higher helped push the dog-meme-cryptocurrency's total market value to as much as $18 billion, based on its current outstanding circulating supply of 129.2 billion dogecoin.
Besides being created as a joke, Dogecoin is unique from other cryptocurrencies in that an unlimited amount of the coin can be mined, meaning the is limitless supply of dogecoin. Alternatively, bitcoin has a fixed supply of 21 million coins, of which nearly 19 million bitcoin have already been mined.
But some are buying into the dog-meme joke, including celebrities like Tesla CEO Elon Musk and Guy Fieri of Diners, Drive-Ins, and Dives, who have both tweeted support for the Shiba-Inu inspired cryptocurrency.
"Rollin' out to the MOON [rocket emoji] #Dogecoin," Fieri tweeted on Tuesday, accompanied with a picture of Fieri in an astronaut suit holding a space-suited up Dogecoin mascot.
Dogecoin isn't the only cryptocurrency that has surged to record highs this week. Amid growing anticipation of Coinbase's direct listing later today, bitcoin surged to record highs above the $64,000 level. Ethereum also touched record highs on Wednesday, while litecoin, and XRP touched multi-year highs.
