The frenzy of stocks fueled by Reddit is reaching some of the stranger parts of the cryptocurrency world.
According to data from the CoinGecko cryptocurrency, Dogecoin, a digital currency started as a joke, has risen to 77% since 11:04 a.m. Hong Kong time. Over the past 24 hours, it has risen 42% to $ 0.01129497.
Users on the Reddit thread SatoshiStreetBets mentions the profit with positions such as: “The last hour by 25%. First dog on the moon ”and NEED $ 1 Doge. ”Another one said‘ Doge = the crypto-gme ’, referring to GameStop Corp. The stock rose about 400% this week when retailers pushed short sellers.
An excerpt from the feed from Reddit’s SatoshiStreetBets thread
Cohen, Sundheim loses billions to Reddit retailers running Amok
Extreme volatility is completely normal in the crypto space, where hundreds of coins compete for attention with gimmicky names, far-fetched blockchain ideas and social media campaigns. Last year a TikTok trend encouraged users to invest in Dogecoin with the idea that serious money should be earned if the price reaches $ 1, resulting in a price increase of more than 40% within 24 hours.
According to CoinGecko data, Dogecoin’s market capitalization is about $ 1.4 billion, the 33rd highest among cryptocurrencies.