Photographer: Yuriko Nakao / Getty Images
Photographer: Yuriko Nakao / Getty Images
Dogecoin, a Shiba Inu-themed digital currency, began as a joke that became the last obsession of retailers later this week, falling almost in the middle of Saturday and causing a rain of publications on Reddit and Twitter asking coin holders not to panic about selling.
The digital currency has fallen 46% in the last 24 hours and stood at $ 0.02582 at 4:35 p.m. on Saturday in New York, according to CoinMarketCap data. The fall came after a sharp seven-fold rise on Friday, when the currency topped $ 0.07.
Reddit thread users SatoshiStreetBets – which describes itself as the “cryptographic version of WallStreetBets” – implores others to stay on Dogecoin and not switch to other cryptocurrencies.
“For those who say the hype is over … we just saw rehearsals during the last 3-4 nights of our collective effort. The moment we get lost is the moment we fail,” a said the poster. “Look at how the money is printed. The doge could also be used. Never say never.”
Dogecoin became the last obsession of retailers, in part because Tesla Inc. founder Elon Musk posted on Twitter a picture of the cover of “Dogue” magazine with a whippet in a red suit. Although no further explanation was given, many believed it to be a reference to Dogecoin.
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In December, some also took Musk’s tweet – “One word: Doge” – to refer to the currency.