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Dogecoin, a cryptocurrency created as a joke, soared more than 800% right after the talk to make it a cryptocurrency equivalent to GameStop was announced in the stock chat room of American SNS Reddit.
According to the US economic media CNBC on the 28th (local time), the price of Dogecoin as of 12:01 on the Singapore Exchange reached $0.070755, an increase of more than 800% from 24 hours ago.
Thanks to this, Dogecoin’s market cap increased by about $7.17 billion. With a total market capitalization of $8.2 billion, it became the 9th largest cryptocurrency.
The message “Let’s make DOGECOIN a thing” was posted on the Reddit chat room bulletin board. There was also a urge to “keep buying it”.
Dogecoin originated from IBM’s Billy Marcus and Jackson Palmer in 2013 when they created a cryptocurrency that used Shiba Inu, an Internet meme (popular content on the Internet) as a logo.
Dogecoin, which had been insignificant for the past several years, has recently revived splendidly due to the incentives of Satoshi Streetbets, one of Reddit’s stock debates.
Satoshi is an unknown person known as the founder of Bitcoin, and Streetbets is derived from Wall Streetbets, the epicenter of the game stop soaring.
Elon Musk, Tesla’s CEO, posted a post on Twitter in April 2019 stating that he prefers Dogecoin. The day before, he posted a parody of the fashion magazine’Vogue’,’Dogue’ on Twitter.
One Reddit user who saw this responded by posting “Musk is with us. Until the moon”.
However, Dogecoin is fundamentally different from GameStop. Even short selling is not the target of the hedge fund, which is a force.
CNBC said the surge in Dogecoin seems to be fueling price increases for some people just to make money.