Photographer: Yuriko Nakao / Getty Images
Photographer: Yuriko Nakao / Getty Images
Dogecoin, a Shiba Inu-themed digital coin, began as a joke that became the latest obsession for retailers late this week, plunging nearly halfway through Saturday, sparking a stir of reports on Reddit and Twitter which begs coin holders not to panic.
The digital currency has fallen 46% over the past 24 hours and was at $ 0.02582 in New York on Saturday at 4:35 p.m. CoinMarketCap data. The dip occurred Friday after a seven-fold surge when the currency reached more than $ 0.07.
Users on the Reddit thread SatoshiStreetBets – which describes itself as the “crypto version of WallStreetBets” – begs others to stick to Dogecoin and not switch to other cryptos.
‘For those who say hype is over … we have proven over the past 3-4 nights that our joint efforts have been effective. The moment we lose each other is the moment we fail, ”one poster said. ‘Look at the way money is printed. Doge may also be used. Never say never. “
Dogecoin has become the latest obsession for retailers, in part because Tesla Inc. founder Elon Musk posted a picture on Twitter of a “Dogue” magazine cover with a whip in a red outfit. Although no further explanation was given, many believed it to be a reference to Dogecoin.
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In December, Musk’s tweet – “One word: Doge” – was also taken by some to refer to the coin.