The virtual currency, which originally started as an internet parody based on a viral dog meme, has soared 373% in the past 24 hours, according to Coinbase. At one point, it was 613%.
A dogecoin is now worth a mere $ 0.0469, but still at record levels.
It is the latest bizarre twist in the retail investment revolt that is on the front pages around the world. The increase came after a popular Reddit forum – not unlike the WallStreetBets group behind the GameStop rally – decided to increase the digital currency.
The SatoshiStreetBets forum featured several users calling for a dogecoin rally the day before. Satoshi refers to Satoshi Nakamoto, the screen name of the self-proclaimed inventor of bitcoin.
Users are encouraging others to buy, declaring that they can boost the value of the cryptocurrency “to the moon”.
For hours, the page was flooded with memes and images of a shiba inu, the breed of dog at the center of the internet meme that inspired dogecoin.
One user requested a “coordinated” membership at 9 pm Central Time. Others asked investors in India and Europe to help support the virtual currency overnight in the United States.
Even Elon Musk took action on Thursday by posting a photo of a fake magazine cover titled “Dogue” instead of “Vogue”.
Tesla’s CEO has been involved in similar pranks before. Last month, he spread the word about cryptocurrency, tweeting, “One word: Doge.” He even temporarily updated his biography on Twitter to read: “Former Dogecoin CEO.”
Months earlier, Musk tweeted another image of dogecoin, making the price go up 14%.
This week’s emotion was palpable. Dogecoin’s market capitalization has skyrocketed 380% in the past 24 hours and currently stands at $ 6.9 billion, according to cryptocurrency tracker CoinMarketCap. Its turnover grew by 2,200% in the same period.
“Let’s make Elon brag about us,” wrote a Reddit user.
“It is up to us to decide how much DOGE is worth,” said another user. “And I’m not selling for pennies.”