If you've been on social media at all in the past 24 hours, chances are you've seen at least one of your friends talking about Dogecoin going up. They aren't lying. It's gone up big in a short period of time. Is it making millionaires out of your friends? It depends on how much they invested. And Dogecoin spiking could mean something different depending on where you get your news.

Just one year ago, Dogecoin was going for less than a penny. It was at about $0.0019. It saw a bit of a spike back in February, getting up to $0.07. In the past 24 hours, it has skyrocketed to $0.31. That's an increase of 163 times over the past year. If you have purchased $100 in Dogecoin one year ago, that would now be worth $16,300.

Is this sustainable? Who knows. Again, it all depends on what you read and who you trust. There are some people saying this is a spike that will eventually come back down. But there are others that say this is a trend that will continue. CLICK HERE to get some more info on exactly what is going on with Dogecoin.

One of the major reasons for the spike in Dogecoin is Elon Musk. He recently started sending out rather cryptic tweets about the crypto currency. He has called Dogecoin his "fav" and that it's the "people's crypto". So what should you do if you have Dogecoin? Again, it all depends on how much you invested. Chances are if you are reading this, you read the Dogecoin stories a couple months ago and put $100 to $200 in the crypto currency. I say hold it.

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