Why is Dogecoin going up? Cryptocurrency's share price, how to buy, Bitcoin value – and Elon Musk influence

Stock market values of digital tokens Doge, Bitcoin, Ethereum and XRP reached record highs in early 2021

Dogecoin - a digital coin known as cryptocurrency - has seen its share price go up at a time when Bitcoin’s value has dropped.

Shares in Bitcoin plummeted after Tesla CEO Elon Musk confirmed the electric car company would no longer accept the crypto as payment for its products.

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It had an immediate effect on the market with most cryptocurrencies seeing their values drop – but Dogecoin has seen a 27.48% rise in the last 24 hours (10am, 14 May).

Often referred to as Doge, the token’s stock market value exploded in the early part of 2021 after social media mentions from high profile figures including Musk.

Active discussions on Reddit group SatoshiStreetBets also drove up Dogecoin shares, as cryptocurrencies continue to increase in popularity and attract attention from traders.

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Here’s what you need to know about Dogecoin’s latest market surge.

Dogecoin, founded in 2013 by Billy Markus and Jackson Palmer as a joke, has experienced a surge in popularity of late. (Pic: Shutterstock)

What is Dogecoin’s share price?

Dogecoin, founded in 2013 by Billy Markus and Jackson Palmer as a joke - and features the face of Shiba Inu on its coin, has experienced a surge in popularity of late.

Over the past 12 months, its value has soared by 2,527.86% - a rate considerably higher than Bitcoin, Ethereum and XRP - to a record high of more than 10p (£0.105331).

It increased by 77.07% in a 24-hour period (14 April), according to CoinBase - an American website specialising in cryptocurrencies, to further strengthen its place in the market.

And has enjoyed further success in the 24 hours after Musk’s comments on Twitter, with its current price $0.529978 (£0.38p) on 14 May 2021.

Why has Dogecoin gone up?

Dogecoin’s popularity has largely been down to its cult status among the online community, particularly from Reddit users on the forum SatoshiStreetBets.

They wanted to propel its value “to the moon” - sparking memes featuring Musk.

This stunt saw its value soar and the latest surge appears to have come as investors prepare for the public listing of cryptocurrency exchange platform Coinbase Global.

Coinbase’s public listing is seen as another step on the way to further validating crypto buying and selling as a business, reports CNN.

Is Elon Musk involved in Dogecoin?

Despite several mentions on his Twitter account, Musk remains a fan of Dogecoin from afar with his electric car company Tesla opting to invest heavily in Bitcoin.

Tesla has since said it will accept Bitcoin as payment in the future.

Whereas Musk clarified his position on Twitter by stating Tesla's investments are not “directly reflective of my opinion” - and he remains an “engineer” not an “investor”.

The billionaire entrepreneur added: “I don’t even own any publicly traded stock besides Tesla”.

How can I buy Dogecoin in the UK?

Dogecoin’s appeal stretches beyond its increasing share price and was set up as an instant payment system free from traditional banking fees.

A flood of investors and traders have looked into buying into Dogecoin and other cryptocurrencies - though it can be a tricky field to navigate for the uninitiated.

But if you’re confident in buying cryptocurrencies then there is a range of places this can be done, including Binance, BC Bitcoin, Bittylicious, Cryptomate, Changelly, ShapeShift and Bittrex.

In October 2020, Brits were banned from buying some cryptocurrencies after a rise in the number of people making bad investments and losing money.

The Financial Conduct Authority (FCA) warns people about the risk of investing in cryptocurrencies, referencing price volatility, product complexity, charges and fees, marketing materials and consumer protection.