Virtual currency, which originally started as an internet parody based on a viral dog meme, has skyrocketed 373% in the last 24 hours, according to Coinbase. At one time it had increased by 613%.
One dogcoin is only worth one now $ 0.0469, but it is still easily at record levels.
This is the latest bizarre twist in the front pages making retail investment revolts all over the world. The surge came after the popular Reddit forum – not unlike the WallStreetBets group behind GameStop’s rally – set their sights on pumping digital currency.
Forum SatoshiStreetBets invited users to a DogCoin rally held in the past. Satoshi refers to the screen name Satoshi Nakamoto of the self-proclaimed inventor of bitcoin.
Users are urging others to buy, announcing that they can increase the value of cryptocurrency “over the moon”.
For hours, the page was littered with memes and pictures of Sheeba Inu, the dog breed at the center of an internet meme that was inspired by Dogcoin.
A user made a call to buy “coordinated” at 9 am US Central time. Others called on investors from India and Europe to help promote virtual currency in the US overnight.
Even Elon Musk got into action, tweeting a picture of a fake magazine cover titled “Dog” instead of “Vogue” on Thursday.
Tesla CEOs have also been engaged in a similar banquet before. Last month, he spread the word about cryptocurrency, tweeting: “One word: Doge.” Even he temporarily updated his Twitter bio to read: “Former CEO of Dogcoin.”
Months ago, Musk tweeted another photo of DogCoin, costing 14%.
The excitement was at its peak this week. According to cryptocurrency tracker CoinMarketCap, Dogcoin’s market cap has risen 380% in the last 24 hours and currently stands at $ 6.9 billion. Its trading volume grew by 2,200% in the same time period.
A user of Reddit wrote, “Get Elon to move for us.
“It is up to us to decide what the price of DOGE is,” said another user. “And I’m not selling for money.”