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Dogecoin cryptocurrency started out as a joke, but has turned into a real store of value (albeit inexpensive).
Dogecoin, a cryptocurrency originally based on a dog meme, has seen its value skyrocket over the past two days as Reddit users turn to doggo-themed digital currency. The attention pushed the cryptocurrency to a new all-time high on Thursday – just over $ 0.07.
Thursday, Elon Musk, CEO of Tesla and SpaceX tweeted a fake dog-themed magazine cover, apparently in favor of Dogecoin, after the digital currency reportedly jumped 420% in a single day.
Musk was responding to another push from WallStreetBets, the same Reddit forum as this week pumping of GameStop and AMC stocks well above expectations and caused chaos among hedge fund investors who had shorted these underperforming stocks.
Dogecoin was up over 100% on Friday at around $ 0.04, according to Coindesk.
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