Photographer: Yuriko Nakao / Getty Images
Photographer: Yuriko Nakao / Getty Images
Dogecoin, a Shiba Inu-themed digital currency, started as a joke that became the latest obsession for retailers later this week, falling nearly halfway through Saturday, prompting a lot of posts on Reddit and Twitter, asking owners of coins not to panic.
The digital currency has fallen 46% in the last 24 hours and was at $ 0.02582 starting at 16:35 in New York on Saturday, according to Date CoinMarketCap. The plunge came after a seven-fold strong rise on Friday, when the currency reached over $ 0.07.
Users on the Reddit thread SatoshiStreetBets – described as the “crypto version of WallStreetBets” – begs others to stick to Dogecoin and not switch to other cryptocurrencies.
“For those who say the hype is over … we have just seen evidence in the last 3-4 nights that our collective efforts are effective. The moment we lose ourselves is the moment we fail ”, one said the poster. “Look at the way the money is printed. Doge could also be used. Never say never.”
Dogecoin has become the latest obsession of retailers, in part because the founder of Tesla Inc. Elon Musk posted on Twitter a picture of the cover of “Dogue” magazine with a whippet in a red outfit. Although no other explanation was given, many thought it was a reference to Dogecoin.
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In December, Musk’s tweet – “One word: Doge” – was also taken by some to refer to the currency.