Dogecoin jumps more than 300% as Reddit tries to take on Wall Street
First a video game retailer, then a struggling movie theater chain, now... a canine cryptocurrency?
Dogecoin cryptocurrency began as a joke, but morphed into a real store of value (albeit, an inexpensive one).
Dogecoin, a cryptocurrency originally based on a dog meme, has seen its value soar over the past two days as Reddit users turn their attention to the doggo-themed digital currency. The attention pushed the cryptocurrency to a new all-time 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 value in a single day.
— Elon Musk (@elonmusk) January 28, 2021
Musk was responding to another push by WallStreetBets, the same Reddit forum that this week has pumped GameStop and AMC stocks well beyond expectations and caused chaos among hedge fund investors who'd shorted those otherwise underperforming stocks.
As of Friday, Dogecoin was up over 100% to about $0.04, according to Coindesk.