The price of Dogecoin is soaring above 50 cents after a recent slump

The Dogecoin cryptocurrency joke appears to be making real money to its investors.

Dogecoin’s price shot above 50 cents on Tuesday, following a recent slump that saw its value cut in half.

As of Tuesday morning, the price of Dogecoin was 57 cents, according to crypto market data site CoinGecko.

The prices of Dogecoin and other cryptocurrencies plummeted in late April, when President Joe Biden was expected to unveil a plan to increase taxes on the richest Americans, nearly doubling taxes on investment profits.

Dogecoin was created as a joke that makes fun of the rise of digital currencies, but its price has risen since the beginning of the year as more investors embrace cryptocurrencies such as bitcoins and ether, Ethereum’s currency.

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Jessica Menton contributed to this report. Follow Brett Molina on Twitter: @ brettmolina23.

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