The rapid rise of cryptocurrency dogecoin seems to have no end, with the meme-based virtual currency now gaining legitimacy from an Oprah Winfrey-backed reality show.

The Diamond Collar is a new reality show airing on the Oprah Winfrey Network (OWN) in the US, starring James 'Head' Giuliani, a former enforcer for mafia crime boss John Gotti.

After a life of crime, Giuliani had "a life-changing moment with a stray dog" and now runs a dog grooming parlour in Brooklyn called The Diamond Collar - as well as rescuing abused and abandoned animals through Giuliani's other project called Keno's Animal rescue.

The show is now looking to capitalise on the recent rise in popularity for cryptocurrencies and in particular the appropriately-titled dogecoin and catcoin.

Raining catcoins and dogecoins

The Diamond Collar has appointed Coyote WallStreet, a financial research firm, as a consultant to advise on accepting dogecoin and catcoin for their pet products, grooming and animal rescue efforts through Keno's Animal Rescue.

"We believe with Oprah's promotion of animals and the Oprah effect in general, this will bring major donations to the cast's cause," Patrick McDonnell owner of Coyote WallStreet said in an email to IBTimes UK.

A related project called Dogecoin Kids will see children at a local school taught about cryptocurrencies before visiting The Diamond Collar to use their dogecoin to buy products or donate to the rescue centre.

Rapid rise

Dogecoin is now the world's fifth more valuable cryptocurrency (market cap of $61 million) following a rapid rise in popularity due to its high-profile fundraising efforts to help the Jamaican bobsled team to get to the Winter Olympics.

Catcoin on the other hand is the 54th most valuable cryptocurrency (market cap of $394,000) and compared to the likes of bitcoin, dogecoin and litecoin has not been covered in the media - though the indirect support of Oprah Winfrey could change all that.