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Virtual currency, which started as an internet parody based on a viral dog meme, has skyrocketed 373% in the past 24 hours, according to Coinbase. At one point, it increased 613%.
A dogecoin is now worth a single $ 0.0469, but it easily stays at all-time highs.
It’s the latest bizarre twist in the retail investor revolt that is making headlines around the world. The push came after a popular Reddit forum – much like the WallStreetBets group behind the GameStop rally – set its sights on the bloat of digital currency.
The SatoshiStreetBets forum featured many users calling for a dogecoin rally over the past day. Satoshi refers to Satoshi Nakamoto, the screen name of the self-proclaimed inventor of bitcoin.
Users urge others to buy, saying they could propel the value of the cryptocurrency “to the moon.”
For hours, the page was inundated with memes and images of a shiba inu, the breed of dog at the center of the internet meme that inspired the dogecoin.
One user requested a “coordinated” buy-in at 9:00 p.m. Central US Time. Others have called on investors in India and Europe to help support virtual currency overnight in the United States.
Even Elon Musk stepped into the action, tweeting a photo of a fake magazine cover titled “Dogue” instead of “Vogue” on Thursday.
The CEO of Tesla has already indulged in similar jokes. Last month, he spread the word about cryptocurrency by tweeting, “One Word: Doge.” He even temporarily updated his Twitter bio to read: “Former CEO of Dogecoin.”
Months earlier, Musk had tweeted another dogecoin image, pushing the price up 14%.
The excitement this week has been palpable. Dogecoin’s market cap has climbed 380% in the past 24 hours and currently stands at $ 6.9 billion, according to cryptocurrency tracker CoinMarketCap. Its trading volume jumped 2,200% over the same period.
“Let’s make Elon happy for us,” wrote one Reddit user.
“It’s up to us to decide what DOGE is worth,” said another user. “And I don’t sell for pennies.”
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