Everyone may be talking about bitcoin and litecoin, two of the most valuable digital currencies in the cryptocurrency industry, but one new virtual currency, which is based on an Internet meme, is gaining traction.

Dogecoin, established seven weeks ago, is now the fifth most valuable cryptocurrency out of approximately 80 or so digital currencies. It maintains a total value of $61.6 million and has jumped more than 12 percent in just one day – primarily due to news that it has shifted away from its dependency on bitcoin.

One dogecoin is now worth $0.0016, compared to bitcoin’s $825, litecoin’s $22 and peercoin’s $5.40.

The cyrptocurrency community didn’t see dogecoin as anything more than a joke. Its founder based the dogecoin on a popular Internet meme that had images of Shiba Inus dogs and text that contains the inner most thoughts of the dogs.

Despite the growing value, the founders didn’t have a profit motive for dogecoin but rather as a way to promote kindness and generosity. Dogecoin is now the second-most tipped digital currency on the Internet today.

It was reported Thursday that the dogecoin community raised close to $7,000 in donations to help send Indian athletes to the 2014 Winter Olympic Games. This comes as the same community contributed more than $30,000 to assist funding the Jamaican bobsled team and their trip to Sochi.

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