Puzzled by Dogecoin? The ABCs of a $90 Billion Joke

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Dogecoin may not be the funniest joke of all time, but it’s probably the one with the largest market valuation. The digital token, previously famous as the first “memecoin,” approached $90 billion in early April as retail traders embraced high-risk (and meme-friendly) opportunities fueled by the pandemic era’s exceptional economic stimulus. A year before, it had been worth $315 million, a figure that many at the time thought laughably high. No joke!