The virtual currency, which initially started as an internet parody based on a viral dog meme, has grown by 373% in the last 24 hours, according to Coinbase. At one point, it increased by 613%.
A dogecoin now deserves a simple one 0.0469 USD, but this is still easy at record levels.
It is the latest bizarre twist in the retail investment riot that is making headlines around the world. The rise came after a popular Reddit forum – unlike the WallStreetBets group behind the GameStop rally – set itself the goal of pumping digital currency.
The SatoshiStreetBets forum featured dozens of users who requested a dogecoin rally on the last day. Satoshi refers to Satoshi Nakamoto, the screen name of the self-proclaimed inventor of bitcoin.
Users are urging others to buy, saying they could propel the value of the cryptocurrency “to the moon”.
For hours, the page was flooded with memes and images of a shiba inu, the dog breed at the center of the internet meme that inspired the dogecoin.
A user requested a “coordinated” buy-in at 21:00, US Central Time. Others called on investors in India and Europe to help support the virtual currency during overnight hours in the United States.
Even Elon Musk took action on Thursday, taking a photo on Twitter with a fake magazine cover called “Dogue” instead of “Vogue.”
The CEO of Tesla has previously engaged in similar games. Last month, he spread the word about cryptocurrency, tweeting, “One word: Doge.” He temporarily updated his biography on Twitter to read: “Former CEO of Dogecoin”.
A few months earlier, Musk posted another image of the dogecoin on Twitter, sending the price by 14%.
This week’s excitement was palpable. Dogecoin’s market capacity has grown 380% in the last 24 hours and currently stands at $ 6.9 billion, according to cryptocurrency tracker CoinMarketCap. Its trading volume increased by 2,200% over the same period.
“Let’s make Elon escape for us,” a Reddit user wrote.
“It’s up to us to decide what DOGE is worth,” said another user. – And I don’t sell for money.