The frenzy of Reddit-powered stocks is reaching some of the stranger parts of the cryptocurrency world.
Dogecoin, a digital coin that started as a joke, is up a whopping 77% since 11:04 a.m. in Hong Kong, according to data from cryptocurrency tracker CoinGecko. In the last 24 hours, it is up 42% to $ 0.01129497.
Users on the Reddit thread SatoshiStreetBets praised the earnings with messages like: “Up 25% this past hour. First dog on the moon” and “NEED $ 1 Doge.” Another said “Doge = the crypto gme,” referring to GameStop Corp., the stock that this week is up about 400% as retailers put pressure on short sellers.
A snippet of the feed from Reddit’s SatoshiStreetBets thread
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Extreme volatility is perfectly normal in the crypto space, where hundreds of coins compete for attention with gimmicky names, far-fetched blockchain ideas and social media campaigns. There was a TikTok trend last year encouraged users to invest in Dogecoin with the idea that there is serious money to be made when the price hits $ 1, resulting in a price increase of more than 40% in 24 hours.
Dogecoin’s market cap stands at approximately $ 1.4 billion, the 33rd highest among cryptocurrencies, according to CoinGecko data.