The digital currency is up more than 1,400% in 2021 already.
This year has brought newfound attention to Dogecoin, a cryptocurrency created in 2013 with a market capitalization of around $9 billion – good enough for a spot among the top 20 largest digital currencies in the world.
Although the Dogecoin price is only around 7 cents, the crypto, whose symbol is "DOGE" on exchanges, is nonetheless up around 1,400% so far in 2021. Pronounced "dohj coin," the virtual currency has exploded onto the scene this year, with a handful of celebrity fans, including Tesla(ticker: TSLA) CEO Elon Musk, hyping it on the way to new all-time highs.
So, what's the DOGE appeal? Should you invest in Dogecoin? Putting the cryptocurrency in context by looking at its history, comparing it to rivals and examining its improbable rise should help answer that question.