The likelihood of dogecoin reaching $5 in value this year is at 17%, according to bookmakers, as the meme coin’s price powers up on social media support.

Dogecoin reached a new record high of $0.54 as of 1:30pm BST on 4 May, having soared more than 39% in the last 24 hours. Retail traders have been piling into the cryptocurrency as it gained outspoken support from the likes of billionaires Mark Cuban and Elon Musk.