Photographer: Yuriko Nakao / Getty Images
Photographer: Yuriko Nakao / Getty Images
Dogecoin, a Shiba Inu-themed digital coin, started out as a joke that became the latest retailer obsession late this week, plunged for almost mid-Saturday, sparking a spate of posts on Reddit and Twitter begging coin holders not to panic. hit when selling.
The digital coin is down 46% in the last 24 hours and was at $ 0.02582 in New York on Saturday at 4:35 PM CoinMarketCap data. The plunge came after a blistering seven-fold rise on Friday, as the coin hit more than $ 0.07.
Users on the Reddit thread SatoshiStreetBets – which describes itself as the “crypto version of WallStreetBets” – begs others to hold on to Dogecoin and not switch to other cryptos.
“For those who say the hype is over … we have just seen evidence over the past 3-4 nights that our collective efforts are effective. The moment when we lose each other is when we fail, ”one poster said. Look how money is printed. Doge may also be able to be used. Never say never.”
Dogecoin became retailers’ latest obsession, in part because Tesla Inc. founder Elon Musk posted an image on Twitter of a “Dogue” magazine cover featuring a whippet in a red outfit. While no further explanation was given, many believed it to be a reference to Dogecoin.
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In December, Musk’s tweet – “One word: Doge” – was also used by some to refer to the coin.