WallStreetsBets Madness Boosts Dogecoin 5x In 24 Hours

Dogecoin – the cryptocurrency based on a meme about an overly enthusiastic Shiba Inu dog – hit a record 4 cents price on Thursday night. This represents an incredible five-fold increase in the previous 24 hours. The cryptocurrency was trading for less than a cent on Wednesday night.

The Dogecoin rally appears to be linked to the WallStreetBets phenomenon. The WallStreetBets sub-program has been the nerve center of an online movement to increase the value of GameStop and a handful of other stocks in a bid to bankrupt hedge funds that had taken large short positions in the actions. GameStop’s value has almost quintupled since the start of the week – and more than sixty times since last summer.

Saturday morning, a Twitter account called WSB Chairman (which is not officially associated with the WallStreetBets subreddit) tweeted “Has Doge ever gone to a dollar?” The answer to this question is ‘no’, but some in the WSB community have apparently decided to try and change that.

Dogecoin is a particularly inspired way for the WallStreetBets community to enter the world of cryptocurrency. While many Bitcoin and Ethereum fans are serious hackers trying to change the world, dogecoin has been a memes-driven joke from the start. Dogecoin rose to prominence in large part because the concept was so ridiculous it was fun to write. And as more and more people wrote it attracted new converts who offered the even higher price.

This process last peaked in early 2018, when dogecoin peaked near 2 cents before collapsing along with the rest of the cryptocurrency market. By early 2019, dogecoin had lost almost 90% of its value and was trading for a fraction of a penny. He has languished in the dark for the past two years.

It’s fitting that the first cryptocurrency to see a big impact from the WallStreetBets craze is Dogecoin, arguably the first asset to see its value increased by the force of social media enthusiasm.