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.
Yuriko Nakao / Getty Images
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.
