What to know about Dogecoin craze

The cryptocurrency that started out as a joke is now skyrocketing in value.
2:48 | 05/05/21

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Transcript for What to know about Dogecoin craze
story now and the cryptocurrency that started as a joke. Now skyrocketing in value. Rebecca Jarvis is here to break down what you should know. Good morning, Rebecca. Reporter: Good morning, robin. Yeah, that's right. This all started as a game but if you put a thousand dollars into dogecoin at the start of this year today you'd have more than $100,000, that is unheard of. So what is driving this doge mania and where does it go from here? it's the cryptocurrency that set the internet on fire and captured the attention of everyone from snoop Dogg to guy Fieri. It's not doggie coin. It's not dogecoin, it's dogecoin. Reporter: The mania leading to a mesmerizing climb. In one year dogecoin's value up a mind-boggling 23,000%. It 125r9d as a joke in 2013. Designed by two software engineers inspired about I this picture of a dog a popular internet meme. Back then you could buy one dogecoin for less than a penny, today it's about 60 cents. I bought it originally as a joke and to me it's still somewhat of a joke. Reporter: 28-year-old Cyril brown put $1300 into dogecoin three years ago. Today his investment worth $650,000. Just kind of kept going. I was shocked to say the least. Reporter: Most would sell after such an unheard of streak but not Cyril who says he's holding and willing to risk it all in part because of Elon Musk. I think the biggest driver for dogecoin as Han Elon Musk. He's been tweeting and joking about it for the last few years. Reporter: Tesla founder musk, a significant owner of cryptocurrencies has set dogecoin's value skyrocketing with tweets like this. Before you jump on the bandwagon know this. When people invest in dogecoin they're taking real risk. Highly recommend do not invest more than you're willing to lose and always remember every investment carries risk. And if you look at the staggering climb of dogecoin, it has also had staggering drops from day to day, some days losing 40%, 50% so, guy, you really have to know what you're in for here. This is not the same as saving for retirement. This is more the equivalent of buying some beanie babies at the peak of the beanie baby frenzy, guys. Well, when you put it like that. If that's not warning enough. Thank you. Started out as a joke. It's funny money now. Now to the rise in home

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