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Dogecoin (DOGE), a cryptocurrency that was originally a joke, jumped 62% at press time to trade at $ 0.0132 early Thursday.
The surge comes despite the cryptocurrency’s overall bearish sentiment, with Bitcoin (BTC) trading 0.6% lower to $ 31,558.26 at press time.
Reddit community r / SatoshiStreetBets calls on users to pump up cryptocurrency prank in a similar way to the short squeeze of r / WallStreetBets shares like GameStop Corp. (NYSE: GME), AMC Entertainment Holdings Inc. (NYSE: AMC), Nokia Corporation (NYSE: NOK), and BlackBerry Ltd. (NYSE: BB).
See also: Ethereum, Dogecoin, and other cryptocurrencies you can ‘create’ using your laptop
This is not the first time that the joke cryptocurrency has grown thanks to such coordinated efforts. Tesla Inc. (NASDAQ: TSLA) CEO Elon Musk has often blasted cryptocurrency with his tweets.
An adult movie star tweeting about Dogecoin earlier this month also resulted in a 125% increase at the time.
DeFi cryptocurrencies are also aiming for record levels, despite the fall in Bitcoin.
Read more: WallStreetBets receives cries from Cuban, Portnoy, Musk, AOC: who says what
Photo by Dogeloverforever on Wikimedia
© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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