Dogecoin is a digital coin that originally started out as a joke and now it’s making waves all over the Internet. It also penetrated the mainstream media and CNBC dropped a piece about it just a few hours ago.
DOGE managed to surge by more than 800% after a Reddit board talked about making it the crypto that’s equivalent to GameStop.
CNBC writes that “The price of dogecoin stood at $0.070755 at around 12.01 p.m. Singapore, up over 800% from 24 hours before, according to Coingecko. It was not far off of its 24-hour high of $0.072330 earlier in the day.”
Just to refresh your memory, Dogecoin was created in 2013 based on the popular “doge” meme at the time which involved a Shiba Inu dog. The logo of dogecoin is a Shiba Inu. This was initially started as a joke but the Doge community is immense these days.
Not to mention that Elon Musk is a powerful supporter of the digital asset.
Elon Musk has previously tweeted about stocks and sent them rising, but then he has tweeted about dogecoin as well in the past and indicated in April 2019, that it was his “fav cryptocurrency.”
On Thursday, Musk tweeted out a picture of a magazine cover of “Dogue” – a play on popular fashion title “Vogue,” as CNBC noted.
Check out his tweet:
— Elon Musk (@elonmusk) January 28, 2021
CNBC posted that one Reddit user wrote: “Mr Musk is with us.. to the moon.”
“The Reddit group WallStreetBets appears to be pushing the narrative of buying GameStop shares in order to create pain for hedge funds that are shorting or betting against the stock. By buying GameStop shares, a so-called short squeeze is created, forcing funds to cover their losses. This pushes the stock higher,” CNBC writes.
Stay tuned for more doge-related news.
At the moment of writing this article DOGE is trading in the green and the coin is priced at $0.05240.