Dogecoin cryptocurrency started out as a joke but has turned into a real value (albeit cheap).
Dogecoin, a crypto-currency originally based on a dog meme, has increased its value over the past two days as Reddit users turn their attention to the doggo-themed digital currency. Attention pushed the crypto-currency to a new everyday high on Thursday – just over $ 0.07.
On Thursday, Tesla and SpaceX CEO Elon Musk even tweeted a fake dog-themed magazine cover, apparently in support of Dogecoin, after the digital currency reportedly jumped a whopping 420% in a single day.
Musk responded to another push from WallStreetBets, the same Reddit forum that did this week pumped GameStop and AMC shares far above expectation and causing chaos among investors in hedge funds who have shorted the equities that otherwise perform.
According to Coindesk, Dogecoin has risen more than 100% since Friday to about $ 0.04.