The quick squeeze mania around Reddit-fueled stocks has prolonged to the cryptocurrency world, particularly for the digital asset primarily based on the favored “doge” meme, Dogecoin.
Dogecoin surged as a lot as 140% to $0.176 on Thursday, in line with information from buying and selling tracker TradingView. The coin hasn’t acquired as a lot love as its rivals within the crypto-verse: Bitcoin and Ethereum.
Emulating the identical frenzy set off by r/WallStreetBets merchants, customers on a discussion board known as SatoshiStreetBets promoted the cryptocurrency in an try to duplicate the astonishing gains for GameStop, AMC, BlackBerry, Mattress Tub & Past, and different extremely shorted shares.
The crypto discussion board’s customers made references to the GameStop saga blown up by the WSB subreddit, urging individuals to purchase into Dogecoin. A number of posts like “Dogecoin was and at all times would be the first meme inventory, earlier than GME,” and “IN DOGE WE TRUST #ALLIN” will be seen on the dialogue thread.
Folks on Twitter have been additionally calling on billionaire Elon Musk to tweet about Dogecoin, hoping that will assist gasoline the meant rally for the digital token. Only a day earlier, Musk’s “Gamestonks!!” tweet helped shares in GameStop soar 157% higher.
Musk has in truth tweeted about Dogecoin a lot of instances beforehand, and mentioned it simply is perhaps his favourite cryptocurrency. His final tweet on the coin was a couple of month in the past when he merely mentioned – “One word: Doge.”
The cryptocurrency’s newest spike is just like that seen final 12 months when a viral TikTok video attracted half one million views, pushing its value greater by 35% in two days.
Dogecoin’s market cap is round $2.1 billion, putting it on the Twenty fifth-highest amongst cryptocurrencies, in line with data from CoinGecko.