With Elon Musk set to host SNL, what’s behind the Dogecoin rally?

In the span of several weeks, the ‘joke’ coin has rocketed in value, with a little help from Musk and a whole lot of daytrader momentum.

Dogecoin, the meme cryptocurrency known for its Shiba Inu dog face, has rocketed more than 13,000 percent between January 1 and its all-time high of 69 cents reached on Wednesday, according to CoinMarketCap. That level of growth compares with a 95 percent increase for Bitcoin and 375 percent for Ethereum – the world’s two biggest cryptocurrencies. If you had bought $1,000 worth of Dogecoin on January 1, your investment would have been worth about $141,897 when it hit its all-time high this week.