The Dogecoin cryptocurrency started out as a joke, but has turned into a real store of value (albeit cheap).
Dogecoin, a cryptocurrency originally based on a dog meme, saw its value soar in the past two days, as Reddit users turned their attention to the doggo-themed digital currency. The attention pushed the cryptocurrency to a new record high on Thursday – just over $ 0.07.
On Thursday, Tesla and SpaceX CEO Elon Musk arrived tweeted a fake dog-themed magazine cover, apparently in support of Dogecoin, after the digital currency reportedly jumped 420% in value in a single day.
Musk was responding to another impulse from WallStreetBets, the same Reddit forum as this week pumped GameStop and AMC stocks far beyond expectations and caused chaos among hedge fund investors who shorted those underperforming stocks.
As of Friday, Dogecoin was up more than 100%, to about $ 0.04, according to Coindesk.