Wednesday's announcement sent dogecoin, a meme-based cryptocurrency popular among retail investors, up by 31 percent in late trading.
Dogecoin reached a market capitalization of some $54 billion on Wednesday, making it the sixth-largest digital currency, according to data and market tracker CoinGecko.com.
But Wednesday's surge still leaves the value of dogecoin far below where it was before cryptocurrency enthusiast and Tesla CEO Elon Musk called the digital currency a hustle during his guest TV spot on "Saturday Night Live" last month.
Even though the value of dogecoin has been pushed up in a trading frenzy by retail investors, its actual real-world use is limited. The coin has not seen much growth as a form of commerce payment.... unlike bitcoin, which has seen its use as a form of spendable currency grow.
