Photographer: Yuriko Nakao / Getty Images
Photographer: Yuriko Nakao / Getty Images
Dogecoin, a digital currency with a Shiba Inu theme, started as a joke that became the last obsession for retail traders later this week, plummeted almost in half on Saturday, sparking a flood of posts on Reddit and Twitter begging holders of coins not to sell in a panic.
The digital currency has fallen 46% in the past 24 hours and was $ 0.02582 at 4:35 pm in New York on Saturday, according to CoinMarketCap data. The decline came after a seven-fold increase on Friday, when the currency hit more than $ 0.07.
Users on the Reddit topic SatoshiStreetBets – which describes itself as the “cryptographic version of WallStreetBets” – is begging others to hold Dogecoin and not switch to other cryptocurrencies.
“For those who say the hype is over … we have just seen proof in the past 3-4 nights that our collective efforts are being effective. The moment when we lose each other is the moment when we fail, ”a poster said. “See how the money is printed. Doge could also be used. Never say Never.”
Dogecoin became the last obsession for retailers in part because Tesla Inc. founder Elon Musk posted a Twitter image of the cover of a “Dogue” magazine featuring a whippet in a red outfit. Although no further explanation has been given, many believed it to be a reference to Dogecoin.
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In December, Musk’s tweet – “One word: Doge” – was also considered by some to be a reference to the currency.