The frenzy of actions fueled by Reddit reaches some of the strangest parts of the world of cryptocurrencies.
Dogecoin, a digital currency that started as a joke, rose to 77% from 11:04 a.m. Hong Kong time, according to data from cryptocurrency tracker CoinGecko. Over the past 24 hours, it has risen 42% to $ 0.01129497.
Reddit thread users SatoshiStreetBets announced the gains with posts such as “Rise 25% in the Last Hour. First Dog on the Moon” and “NEED $ 1 Dollar.” Another said “Doge = the crypto gme,” referring to GameStop Corp., shares that have risen about 400% this week as retailers compressed short-term sellers.
An excerpt from the feed of the Reddit SatoshiStreetBets thread
Cohen and Sundheim lose billions to Reddit marketers who run Amok
Extreme volatility is completely normal in the cryptographic space, where hundreds of currencies compete for attention with artificial names, blatant blockchain ideas, and social media campaigns. Last year, a TikTok trend encouraged users to invest in Dogecoin with the idea that serious money should be made if the price reached $ 1, leading to a price increase of more than 40% in 24 hours.
Dogecoin’s market capitalization stands at about $ 1.4 billion, the 33rd highest among cryptocurrencies, according to CoinGecko data.