The value of Dogecoin, a joke cryptocurrency launched in 2013, hit record highs on Thursday. Its price rose by more than 800%, reaching around $ 0.082, raising its market value to around $ 7 billion, according to Cash, which monitors cryptocurrency prices.
CoinMarketCap, which also examines the values of cryptocurrencies, reported that the price of Dogecoin had risen by around 420% earlier on Thursday.
On Friday, Dogecoin (listed as DOGE in the cryptocurrency markets) was priced at “$ 0.048267 with a 24-hour trading volume of $ 31,061,858,979”, at the time of publication, according to data from CoinMarketCap.
The price has marked a 301.84% rise in the past 24 hours, while the latest trading volume has increased 1,449.55% in the same period, at the time of publication, according to CoinMarketCap.
Dogecoin has seen a resurgence following the recent surge in GameStop stock prices, which was driven by user investments on the r / WallStreetBets subreddit.
The price spike also came after the Robinhood stock trading app restricted its users from GameStop stocks.
GameStop’s price spike inspired members of the r / SatoshiStreetBets subreddit – which describes itself as “the crypto version of WallStreetBets” – to attempt to do the same for Dogecoin.
Members of r / SatoshiStreetBets and another r / dogecoin subreddit have previously stated that they hope to pour funds into the cryptocurrency and force its value to at least $ 1 per coin.
Dogecoin’s latest records were followed by a tweet from Tesla and SpaceX CEO Elon Musk, who posted an image of a dog on the cover of a VogueInspirational magazine titled “Mastiff,” which several Twitter users saw as a nod to Dogecoin’s recent rise.
Last December, Musk, who is known for sharing or referencing internet memes on Twitter, shared a tweet saying, “One Word: Doge,” which increased the value of Dogecoin by 20%.
On Thursday, Dogecoin took another step forward by becoming the most tweeted cryptocurrency of all time.
“Dogecoin set a new record for most cryptocurrency tweets in a 24-hour period, breaking previous records set by Bitcoin on January 2, 2021 and December 22, 2017,” tweeted The TIE, a cryptocurrency data provider.
Dogecoin derives its branding from an internet meme focused on the Shiba Inu dog breed. It was created by two software engineers, Billy Markus and Jackson Palmer, as a fork of the Litecoin cryptocurrency.
Dogecoin is a “fun and friendly internet currency” alternative to other cryptocurrencies, according to its website.
The graphic below, produced by Statistical, illustrates GameStop’s stock market performance since the start of the year.