Supporters of the most iconic digital currency, known as Dogecoin, plan to raise its price to new heights on Tuesday, to celebrate Hemp Day.
Dogecoin is currently trading just a few cents above the all-time high of $ 0,43, which was introduced on Friday, following a staggering price increase.
The market rally has raised the total value of dogecoin by more than $ 50 billion, ranking it among the five most valuable cryptocurrencies in the world.
Less than a year ago, a dogecoin was worth just two-tenths of a cent and had a market cap of less than a quarter of a billion dollars.
Dogecoin's success in the market can be attributed to the community that has formed around it since its inception in 2013. The software developers who created it, Billy Markus and Jackson Palmer, described it as a "tongue-in-cheek cryptocurrency" in order to "troll" the newly established market that had inspired bitcoin.
Among the dogecoin fans is Elon Musk, whose tweets and public comments often had a direct impact on the price of the cryptocurrency.
The billionaire CEO, is one of the leading supporters of cryptocurrencies, having advanced Tesla's $ 1,5 billion investment in Bitcoin earlier this year and is known for his love of memes and Internet culture.
Each of Musk's announcements is followed by a rise in prices, prompting the US Securities and Exchange Commission (SEC) to conduct an investigation.
Many on social media have speculated that Mr. Musk will post a dogecoin-related tweet on April 20, with some even hoping to make an announcement that Tesla will accept dogecoin payments.