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The Reddit-fueled stock frenzy is reaching some of the strangest parts of the cryptocurrency world.
Dogecoin, a digital coin that started out as a joke, has climbed 77% since 11:04 a.m. Hong Kong time, according to data from cryptocurrency tracker CoinGecko. In the past 24 hours, it increased 42% to $ 0.01129497.
Reddit feed users SatoshiStreetBets touted the gains with posts such as “Up to 25% this past hour. First Dog on the Moon ”and“ NEED $ 1 Doge ”. Another said “Doge = the crypto gme,” referring to GameStop Corp., the stock which jumped 400% this week as retail traders squeezed short sellers.
A snippet from Reddit’s SatoshiStreetBets feed
Cohen, Sundheim lose billions to Reddit traders running Amok
Extreme volatility is quite normal in the crypto space, where hundreds of coins vie for attention with fancy names, wacky blockchain ideas, and social media campaigns. Last year a TikTok trend Encouraged users to invest in Dogecoin with the idea that there is a lot of money to be made if the price hits $ 1, causing the price to skyrocket over 40% in 24 hours.
Dogecoin’s market cap stands at around $ 1.4 billion, 33rd among cryptocurrencies, according to data from CoinGecko.
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