New Delhi: Dogecoin (DOGE), a digital currency that was initially launched as a joke, based on a viral dog meme, has surpassed all-time high with a 800 per cent surge, giving the meme-based cryptocurrency a market value of about $7 billion.

The record high also prompted prompting a congratulatory message from well known DOGE lover Elon Musk who tweeted a picture of dog posing on the cover of a magazine named 'DOGUE' instead of 'VOGUE'. Even last month, a tweet from the Tesla CEO sent the virtual currency's value flying.

Dogecoin, much like Bitcoin, is a cryptocurrency, which was initially started as a joke in the year 2013, by software engineers Billy Markus and Jackson Palmer, who decided to create a payment system that is instant, fun, and free from traditional banking fees. And now, Dogecoin is the 10th most valuable cryptocurrency by market value, just behind Bitcoin Cash and ahead of BNB. Dogecoin has the image of a Shiba Inu dog from the popular "Doge" meme as its logo.

According to a report by Investopedia, even though Dogecoin was started as something of a joke or a fun version of Bitcoin, it gained a following soon after it was created. It is believed that DOGE's casual presentation suited the mood of the crypto community. "Its scrypt technology and unlimited supply was an argument for a faster, more adaptable, and consumer-friendly version of Bitcoin," said the report.

Reports suggest that the price of Dogecoin surged steeply after Reddit traders targeted it in an attempt to repeat the unprecedented share rises in heavily shorted companies like GameStop and AMC.

As soon as Dogepain price soared, so did the Dogecoin funny memes and jokes all over the internet. Netizens couldn't just keep calm as Dogecoin's value increased in matter of a day and flooded the internet with hilarious posts and memes. Many social media users are even urging others to buy in, declaring they could propel the cryptocurrency's value "to the moon."