The frenzy of Reddit-fueled stocks is reaching some of the weirder parts of the cryptocurrency world.
Dogecoin, a digital currency that started as a joke, grew by up to 77% from 11:04 Hong Kong time, according to data from the cryptocurrency tracker CoinGecko. In the last 24 hours, it has increased by 42%, to 0.01129497 USD.
Users on the Reddit thread SatoshiStreetBets promoted earnings with posts like: “Up to 25% in the last hour. The first dog of the month ”and“ NEED $ 1 Doge ”. Another said “Doge = the crypto gme,” referring to GameStop Corp., the stock that grew about 400 percent this week as retailers squeezed short sellers.
An excerpt from the SatoshiStreetBets feed from Reddit
Cohen, Sundheim have lost billions of Reddit merchants running Amok
Extreme volatility is completely normal in the cryptographic space, where hundreds of currencies compete for attention with trick names, bold blockchain ideas and social media campaigns. Last year, a TikTok trend encouraged users to invest in Dogecoin with the idea that serious money should be made if the price reached $ 1, which led to a price increase of over 40% in 24 hours.
Dogecoin’s market capitalization is about $ 1.4 billion, the 33rd largest of its cryptocurrencies, according to CoinGecko.