Dogecoin is currently worth $49.8 billion, with individual coins worth about $0.56 as of this writing. This is the highest value for a coin that was originally started as a joke by software engineers Billy Marcus and Jackson Palmer to highlight the ludicrousness of the so-called "altcoins" that are popping up all over the world.

However, according to Yahoo Finance, the coin is now worth more than Ford ($45.2 billion) and Twitter ($44.1 billion). With ethereum at $381 billion and bitcoin at $1.1 trillion, Dogecoin is still a baby in the eyes of the cryptocurrency's big names; Dogecoin's value is currently at an all-time high.

Dogecoin's new boost is likely to come at least partially from Elon Musk. The Tesla CEO has long been favorable to the currency and was very excited about Dogecoin when he was promoting Gamestop stock a few months ago. Musk is scheduled to appear as a guest host on Saturday Night Live on May 8 and has asked for sketch ideas on Twitter. He tweeted "The Dogefather SNL May 8" on April 28.

Another push for Dogecoin and Gamestop came from a WallStreetBets user on Reddit. They are trying to send Gamestop "to the moon" and this coin caught their attention. Lately, they have been silent on Dogecoin, preferring instead to back shares in Nokia and Rocket Companies.

While Dogecoin may seem like an attractive option (this article is not financial advice and should not be used for investment purposes), there are a few things to note. First, such bubbles can easily burst and leave you with only a fraction of the amount you put in. Very few wallets currently hold a very large percentage of the Dogecoin on the market.

This suggests that at least one person, or perhaps several, are holding very large amounts of coins that they may dump when the price reaches a certain threshold. If they sell large quantities, the value of the coins would drop dramatically. If that happens, the current value of $0.56 could drop significantly, perhaps back to the few cents that the currency has been worth for most of its existence.

It should also be noted that Dogecoin is inflationary and was started as a joke. Unlike Bitcoin, there is no upper limit; 10,000 Dogecoins are generated per minute, making it difficult to maintain value.