The frenzy of stocks driven by Reddit is reaching some of the strangest parts of the cryptocurrency world.
Dogecoin, a digital currency that started out as a joke, has risen up to 77% since 11:04 am Hong Kong time, according to data from cryptocurrency tracker CoinGecko. In the past 24 hours, it increased 42% to $ 0.01129497.
Users on the Reddit topic SatoshiStreetBets praised the gains with posts like, “Up to 25% in the last hour. The first dog on the moon ”and“ NEED $ 1 Doge ”. Another said “Doge = the cryptogram”, referring to GameStop Corp., the stock that rose about 400% this week with retail traders squeezing short sellers.
An excerpt from the Reddit SatoshiStreetBets feed
Cohen and Sundheim lose billions to Reddit traders who run Amok
Extreme volatility is completely normal in the cryptographic space, where hundreds of currencies compete for attention with misleading names, elaborate blockchain ideas and social media campaigns. Last year, a TikTok trend encouraged users to invest in Dogecoin with the idea that there is a lot of money to be made if the price reaches $ 1, generating a price increase of more than 40% in 24 hours.
Dogecoin’s market capitalization is around $ 1.4 billion, the 33rd largest among cryptocurrencies, according to data from CoinGecko.