Dogecoin (DOGE), a cryptocurrency that emerged as a joke, rose 62% at press time to trade at $ 0.0132 early Thursday.
The boom comes despite overall bearish cryptocurrency sentiments, with Bitcoin (BTC) trading 0.6% lower at $ 31,558.26 at the time of printing.
Reddit community r / SatoshiStreetBets urges users to pump the joke cryptocurrency in a way similar to r / WallStreetBets’ short press of stocks like GameStop Corp. (NYSE: GME), AMC Entertainment Holdings Inc. (NYSE: AMC), Nokia Oyj (NYSE: NOK), a BlackBerry Ltd. (NYSE: BB).
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This is not the first time that the joke cryptocurrency has risen through such coordinated efforts. Tesla Inc. (NASDAQ: TSLA) CEO Elon Musk has regularly skyrocketed the cryptocurrency with his tweets.
An adult movie star who tweeted about Dogecoin earlier this month also led to a 125% increase at the time.
DeFi cryptocurrencies are also shooting record highs despite the Bitcoin slump.
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Photo by Dogeloverforever on Wikimedia
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